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Mumbai Apple India deal: 5 key facts about the brand’s upcoming 12,616 sq ft store in Borivali
With Apple India leasing space in Oberoi’s Sky City Mall for ₹17.35 lakh per month, Borivali is fast emerging as a serious contender to established retail hubs
Borivali, a locality in Mumbai’s western suburbs, has welcomed a high-profile new tenant, the Apple Store at Sky City Mall, developed by listed real estate firm Oberoi Realty.
Over the past decade, Borivali has transformed into a premium retail hub, say real estate experts.
In addition to the newly opened Sky City Mall (launched in March 2025), the area boasts at least three prominent retail high streets that attract leading global and domestic brands.
With this growing commercial presence, ‘Brand Borivali’ is fast emerging as a strong contender to established retail destinations like Andheri, Bandra, and even South Mumbai.
The Borivali Apple store deal
Apple India has leased 12,616 sq ft retail space in Mumbai’s Borivali suburb for ₹17.35 lakh monthly rent as it prepares to launch its second store in Maharashtra and fourth in the country, according to documents accessed by real estate data analytics firm Propstack.
The lease transaction registered on May 28, 2025, is for a total period of 130 months (nearly 11 years), with a rent escalation of 15% every three years. Apple has also paid a security deposit of ₹1.04 crore as part of the deal. The document showed that the lease has a lock-in period of 10 years and 10 months, effective from the commencement date.
Revenue sharing between Apple India and Oberoi Realty
The lease agreement signed between Apple India and Oberoi Realty shows that the per sq ft rental for the Apple Store is over ₹137 per sq ft. However, experts opine that the rentals in Sky City Mall are up to ₹1,000 per sq ft.
The lower rental in this case is due to revenue sharing between Apple India and Oberoi Realty. The agreement shows that above the per-month rental amount, Apple India will share revenue of 2% with Oberoi Realty for up to 42 months and 2.5% thereafter, starting from the 43rd month.
Vikas Oberoi, CMD of Oberoi Realty, said during the company’s Q4FY25 meeting in April 2025 that the per-square-foot rental in Sky City Mall is between ₹400 and ₹1,000.
The per sq ft rental is different in Sky City Mall for different sizes, depending on the floor.
"We have rentals up to ₹1,000 a sq ft on carpet area. So, between ₹400 and ₹1,000, it's something like that. So, it all depends on who is coming in. We have got a very nice gold souk, a special area where we have got all the jewellers there. We have very high-end watches in one segment, so they are very interesting. This is literally one of the best malls I would say in the country, the way it is designed, and the feedback that we get, it's really, really nice. And these are the deals signed at Rs.1,000 carpet," Oberoi had said.
3) All about the Sky City Mall in Borivali
The mall is part of the Oberoi Sky City project, developed by Oberoi Realty along the Western Express Highway (WEH) in Borivali East, Mumbai. Spanning a gross leasable area (GLA) of approximately 12.07 lakh sq. ft. (with a leasable carpet area of around 7.24 lakh sq. ft.), the mall is a key component of the 25-acre mixed-use development ‘Sky City,’ undertaken by Incline Realty Private Limited, a wholly-owned subsidiary of the company.
According to a March 2023 research report by Motilal Oswal, around 3,200 families are expected to live in the vicinity, offering easy access to the mall. Its strategic location, with connectivity to both exit points of the Metro line, is expected to boost footfall.
INOX has already signed on as an anchor tenant with a 10-screen multiplex, while leasing for the remaining space is underway. The report adds that the mall is expected to stabilise by FY25 and has the potential to generate annual rentals of ₹2.5 billion.
4) Why are big brands making a beeline for Borivali?
According to real estate experts, Borivali has become a magnet for premium retail, boasting at least three prominent high streets featuring luxury jewellery stores, high-end fashion, watches, footwear, and branded department stores.
“Sky City Mall in Borivali East is already commanding rentals of up to ₹1,000 per sq ft, highlighting the growing demand for quality retail space in the suburb,” said Chintan Vasani, partner at Wisebiz Developers, a real estate firm active in the Borivali-Dahisar belt.
“The mall is poised to compete directly with Borivali’s established high streets. We're seeing a ripple effect; brands in Borivali West are already renegotiating rental rates. While this may be a short-term correction, the long-term trend is clear: retail brands will continue to expand in Borivali.”
The surge in interest is also driven by rising aspirations and disposable incomes of the area’s middle and upper-middle class. “Local consumers show strong, consistent demand, with luxury watch showrooms offering pieces priced between ₹1 lakh and ₹1 crore,” Vasani added.
The redevelopment of ageing buildings is also paving the way for new high streets across the city, not just in Borivali. Mira Road, which is around 30% more affordable than Borivali, currently has a larger number of retail high streets and malls, reflecting shifting demand-supply dynamics.
With its expanding retail footprint, ‘Brand Borivali’ is fast emerging as a strong challenger to traditional retail hotspots like Andheri, Bandra, and even South Mumbai, he said.
5) Other brands present in Sky City Mall
According to data from CRE Matrix, 122 leave and license agreements have been registered at Sky City Mall, with around 83 of them recorded in 2025 alone.
Notable brands in the mall include Titan, Puma, Skechers, Adidas, Safari, Starbucks, and INOX.
