Apple Inc. is scaling up its retail ambitions in India with a landmark lease agreement in Mumbai’s Borivali suburb. The iPhone maker has secured a 12,616 sq ft ground-floor retail space in the upcoming Oberoi Sky City Mall at an annual rent of ₹2.08 crore, further reinforcing its commitment to the Indian market.
This will be Apple’s second retail outlet in Maharashtra and its fourth across the country, following operational stores in Mumbai’s Bandra Kurla Complex (BKC) and Delhi’s Saket, and an upcoming outlet in Bengaluru.
Apple’s Borivali Retail Deal: Key Highlights
| Detail | Information |
|---|---|
| Location | Oberoi Sky City Mall, Borivali, Mumbai |
| Carpet Area | 12,616 sq ft + 150 sq m storage |
| Monthly Rent | ₹17.35 lakh |
| Annual Rent | ₹2.08 crore |
| Lease Term | 130 months (~11 years) |
| Lock-In Period | 10 years and 10 months |
| Rent Escalation | 15% every 3 years |
| Revenue Sharing Clause | 2% for first 42 months, 2.5% thereafter |
| Landlord | Incline Realty Pvt Ltd |
| Security Deposit | ₹1.04 crore |
| Lease Commencement Date | May 8, 2025 |
| Parking Slots | 5 |
A Strategic Expansion in India’s Retail Landscape
Apple’s Borivali lease is not just a real estate transaction—it’s a strategic move aligning with the brand’s broader Asia-Pacific expansion plan. India is emerging as a critical market for Apple, not only as a manufacturing hub but also as a rapidly growing consumer base.
According to a Bloomberg report, Apple plans to open 15 new stores in the Asia-Pacific region by 2027, along with five in Europe and the Middle East, and four in North America. This includes renovations and relocations, taking the total number of planned projects to 53 across global markets.
Quote from Oberoi Realty
“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
Borivali Store Follows Bengaluru and BKC Deals
Just months earlier, Apple had finalized a lease for 7,997.8 sq ft at Phoenix Mall of Asia, North Bengaluru, committing to an annual rent of ₹2.09 crore. The lease began on November 8, 2024, with rent payments starting from August 2025.
In December 2023, Apple also inked a record deal at Maker Maxity-5, BKC, leasing 6,526 sq ft at ₹738 per sq ft—one of India’s highest commercial rental rates.
Wider Real Estate Implications: A Market for the Few?
Amid such high-profile leases, many middle- and high-income earners in cities like Gurgaon, Mumbai, and Bengaluru are finding homeownership increasingly out of reach. A viral social media post by a tech professional sparked debate about how even ₹20 lakh CTC isn’t enough to afford basic housing in premium city zones.
Despite these challenges, investment in luxury and branded retail real estate continues to surge, often led by non-retail buyers or institutional investors.
FAQ: Apple’s Borivali Lease and Real Estate Trends
1. How much is Apple paying for the Borivali store lease?
Apple is paying approximately ₹2.08 crore per year, or ₹17.35 lakh per month.
2. Where is the Borivali Apple store located?
The store is located on the ground floor of Oberoi Sky City Mall, Borivali, Mumbai.
3. What are the lease terms for Apple’s Borivali store?
The lease runs for 130 months (nearly 11 years), with a lock-in period of 10 years and 10 months, and a 15% rent escalation every three years.
4. How does this lease compare to Apple’s previous retail leases in India?
This deal is similar in value to Apple’s Bengaluru lease (₹2.09 crore/year) but covers a larger area than its previous BKC store in Mumbai.
5. Why is Apple expanding its retail network in India?
India is one of Apple’s fastest-growing markets. The company is ramping up local sales presence while also focusing on supply chain shifts and manufacturing growth in the region.