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Mumbai real estate: Apple India leases space in Borivali mall for ₹2 cr annual rent to open fourth store in the country
Apple India has leased 12,616 sq ft of retail space at Oberoi Sky City Mall in Mumbai’s Borivali suburb as it gears up to launch its second store in Maharashtra
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.
This will be the California-based tech giant’s second store in Maharashtra. Apple currently operates two retail outlets in India, one in Mumbai’s BKC and another in Delhi’s Saket. The company has also set its sights on Bengaluru for its third retail location in the country.
The lease commenced on May 8, 2025, and covers a ground-floor unit of Oberoi Sky City Mall with a carpet area of 12,616 sq ft, along with an additional 150 sq m of storage space and five designated car parking slots, the documents showed.
Apple will pay an annual rental of about ₹2.08 crore, and the landlord is Incline Realty Pvt Ltd. The agreement includes a revenue-sharing clause where Apple will pay 2% of its revenue from the store for the first 42 months and 2.5% from the 43rd month onwards.
The lease 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 lease has a lock-in period of 10 years and 10 months, effective from the commencement date, the document showed.
An email query has been sent to Apple India Private Limited. The story will be updated if a response is received.
“We are delighted to welcome Apple to Sky City Mall. The arrival of one of the world’s most iconic and forward-thinking brands is not only a significant addition to our retail portfolio, but also a strong endorsement of the trust global leaders place in Oberoi Realty’s vision and execution,” Vikas Oberoi, chairman and managing director, Oberoi Realty, told HT.com.
“Sky City is a reflection of our commitment to building integrated, future-ready developments that deliver exceptional experiences. Apple’s presence will undoubtedly elevate the retail ecosystem in Borivali,” he said.
The Borivali lease follows Apple’s recent deal for 7,997.8 sq ft of retail space at the upscale Phoenix Mall of Asia in North Bengaluru, where it committed to an annual rent of ₹2.09 crore for a 10-year term. The lease commenced on November 8, 2024, and the rent will be charged from August 8, 2025, onwards.
Also Read: Apple India leases 8000 sq ft of retail space in Bengaluru for ₹2 crore annual rent as Foxconn facility nears completion
Apple's expansion plans
Apple is focusing on its growth via retail network in China and other Asian markets, including India. The iPhone maker is also looking to revamp its existing retail outlets in the US and Europe, according to a Bloomberg report.
Apple is going to open 15 fresh stores in the Asia-Pacific region, five in Europe and the Middle East, and four in the United States and Canada by 2027. The company also plans to revamp or relocate six stores in Asia, nine in Europe, and 13 in North America. In total, Apple is proposing a total of 53 new, relocated, or renovated stores over the next four years, the report said.
Bloomberg said Apple is also planning to upgrade its historic store in the Opera shopping area of Paris. Other upcoming store openings include one at the Battersea Power Station in London, which will be situated near Apple's new local headquarters, and a planned location in Miami. Moreover, a flagship store is set to be established at the Jing'an Temple Plaza in Shanghai.
Also Read: Apple India sets a benchmark with record rental deal, leases 6,526 sq ft space in Mumbai's BKC for ₹738 per sq ft
Apple India’s record rental deal
In December last year, Apple India leased 6,526 sq ft of space in Bandra Kurla Complex (BKC) in Mumbai at a monthly rental of ₹738 per sq ft, one of the highest-ever commercial lease rentals in the country.
The company leased the commercial space in a building named Maker Maxity-5 for five years.
According to the documents, Agni Commex LLP (the landlord) leased the space for ₹48.19 lakh per month, and Apple India paid a deposit of ₹4.33 crore. The deal's lock-in period is December 31, 2027, which is referred to as the first lock-in period, and the second lock-in period is December 31, 2028.
As per a media report published in 2023, Apple had leased over 20,000 sq ft of retail space spread over three floors in a mall in the commercial hub of Mumbai’s Bandra Kurla Complex (BKC), at a minimum guaranteed rent of around ₹42 lakh per month.
