Mumbai real estate: Will the Apple store and Sky City Mall drive property prices in Borivali?

Mumbai real estate: While direct price impact is yet to be seen, experts say premium retail in Borivali could boost property values over time

The announcement of Apple’s second Mumbai store at Oberoi Sky City Mall in Borivali East has boosted property market sentiment in the area. While no direct rise in surrounding real estate prices has been observed yet, consultants believe premium retail developments like this can drive long-term appreciation in nearby residential and commercial values.

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. (Picture for representational purposes only) (Mehul R Thakkar/HT)

Experts note that prices within the Sky City project have already increased, and capital as well as rental values in the vicinity are expected to climb once the full ecosystem, including the mall, commercial office space, and a Marriott Hotel, becomes operational.

Apple Store in Mumbai's Borivali

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.

Beyond Apple, Sky City Mall already hosts several prominent brands, including a 10-screen multiplex operated by INOX, as well as leading retail names Titan, Puma, Skechers, Adidas, Safari, Starbucks, among several others.

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.

Have the Apple Store and Sky City Mall led to an increase in prices?

"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,” Vikas Oberoi, CMD, Oberoi Realty had said in June 2025.

Experts say there has been no direct price hike in the mall’s vicinity yet, though the project itself has seen an increase. Capital and rental values in the area are expected to rise once the full ecosystem, including the mall, commercial office space, and Marriott Hotel planned as part of the Oberoi Sky City project, is operational.

“The impact of the Apple Store and Sky City Mall has so far been greater on the Oberoi Sky City project than on Borivali at large. Apartments near Sky City currently average around ₹30,000 per sq. ft., but within Sky City, they are now selling for about ₹50,000 per sq. ft. When launched, Sky City units were priced at ₹30,000– ₹32,000 per sq. ft., while surrounding areas were selling at ₹17,000– ₹20,000 per sq. ft.,” said Dhiren Doshi, a Borivali-based real estate consultant.

"It has also given almost 100% or even more return to few investors. However, once the sky city mall gets fully operational, the Marriott hotel becomes operational, the price benefit will come and that may not be attributable to just the Apple Store but to the entire ecosystem at large," Doshi said.

"The Sky City 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," said Chintan Vasani, partner at Wisebiz Developers, a real estate firm active in the Borivali-Dahisar belt.

The surge in interest is also driven by rising aspirations and disposable incomes of the area’s middle and upper-middle class, he said.

“Local consumers show strong and consistent demand, with luxury watch showrooms offering pieces priced from ₹1 lakh to ₹1 crore,” Vasani said.