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The expensive price tag of Rs 1.60 lakh at least isn’t deterring Indian buyers from lining up to get the iPhone 15 Pro Max. The craze to be among the first few to use the iPhone 15 Pro Max has strained initial stocks—which are simply not enough to cater to the unexpected demand. If you want to buy the iPhone 15 Pro Max in India right now, don’t be surprised if a shopkeeper charges up to at least Rs 20,000 more.

The iPhone 15 Pro models are being sold at a grey market premium above the MRP in India, News18 Tech has learned. These models—launched just three days ago on September 22—are in high demand across India, especially the iPhone 15 Pro Max, with most offline and online retailers running out of stock for immediate delivery.

News18 Tech reached out to several offline retailers in New Delhi and tier-2 cities like Jaipur and discovered that they are selling the iPhone 15 Pro and iPhone 15 Pro Max above the MRP.

iPhone 15 Pro Max: Made of Natural Titanium. But Pricing? Not Natural.

Retailers are selling the top-end iPhone Pro Max 256GB variant in Natural Titanium for approximately Rs 20,000 over the MRP of Rs 1,59,900. While the premium for the smaller iPhone 15 Pro isn’t as exorbitant as the Pro Max, retailers are asking for Rs 5,000-10,000, depending on the desired colour and storage capacity.

A retailer in Karol Bagh, New Delhi, quoted a price of Rs 1,51,000 for the iPhone 15 Pro 256GB in Titanium Blue, which is exactly Rs 6,000 more than the MRP of Rs 1,44,900.

We expected the situation in cities like Jaipur to be better, but to our surprise, a retailer operating in Ganpati Plaza, MI Road, openly listed the iPhone 15 Pro 256GB in Blue Titanium for Rs 8,000 above the MRP.

International Stocks of the iPhone 15 Pro Being Sold at Prices Nearly Equivalent to Indian MRP. We also found an online listing by a popular online seller in New Delhi who was selling both internationally sourced models and Indian stock for as much as Rs 28,000 over the MRP.

Another retailer in Thane, Maharashtra openly advertised selling the iPhone 15 Pro Max 1TB variant for Rs 2,32,000—Rs 32,000 above MRP.

It’s important to note that iPhone 15 Pro models in India are considerably more expensive than in countries like the US and UAE. For instance, the iPhone 15 Pro Max costs roughly Rs 1,00,000 in the USA, while it costs Rs 1,59,900 in India, a price difference of almost Rs 60,000. However, offline retailers are importing stocks from abroad and selling them for nearly the same price as their Indian counterparts, effectively nullifying the cost difference, all while attempting to evade taxes through so-called “cash deals.”

“The iPhone 15 Pro costs Rs 1,44,900, but we will charge Rs 5,000 over it.”

One retailer in Karol Bagh told us, “The iPhone 15 Pro costs Rs 1,44,900, but we will charge Rs 5,000 over it.” When we asked why, he said, “The models are selling at a premium price right now. There is no stock anywhere, so even if you buy accessories from us, you will still have to pay the Rs 5,000 markup.” He added, “If we talk about the Pro Max Natural, it will be at least Rs 20,000 over the MRP.”

Same Situation Happened in 2022 When iPhone 14 Pro Models Were Launched

Last year, we reported a similar situation with the iPhone 14 Pro models. However, a major difference this year is the absence of COVID-related stock shortages or reported issues with Foxconn’s supply chain in China. Yet, we are witnessing a shortage of iPhone 15 Pro models, especially in major metropolitan areas where the demand for the bleeding edge is high.

On September 22, News18 Tech covered the live launch of the iPhone 15 series from the official Apple Store in Saket. We observed that users were primarily purchasing the iPhone 15 Pro models, showing less interest in the standard models—further signifying the more interest in Pro models.

On the other hand, not every retailer is involved with this malpractice, and we can say this after we also visited an official third-party reseller in Jaipur—to get first-hand experience of the operations. We found that no premium was being charged for the stock, and they were not pushing overpriced accessories like tempered glass or cases with the devices. In fact, the standard iPhone 15 models were readily available, along with some colour options for the smaller iPhone 15 Pro as well.