Apple Inc. is setting its sights firmly on Mumbai’s western suburbs with its latest retail expansion. The tech giant has secured a 12,616 sq ft space at Sky City Mall in Borivali East — marking its second store in Maharashtra and fourth across India. This strategic move underscores the rising commercial appeal of Borivali, a location fast becoming a major retail hotspot.
Apple’s Borivali Store: Key Lease Details
Apple India signed a long-term lease agreement with Oberoi Realty for its Borivali store, located inside the newly launched Sky City Mall.
Quick Facts Table
| Feature | Details |
|---|---|
| Store Size | 12,616 sq ft |
| Monthly Rent | ₹17.35 lakh |
| Lease Duration | 130 months (approx. 11 years) |
| Lock-in Period | 10 years and 10 months |
| Rent Escalation | 15% every 3 years |
| Security Deposit | ₹1.04 crore |
| Revenue Sharing | 2% (up to 42 months), 2.5% thereafter |
| Mall Name | Sky City Mall, Borivali East |
| Developer | Oberoi Realty |
| Lease Registered On | May 28, 2025 |
Why Apple Chose Borivali: The Rise of a Retail Powerhouse
Once seen as a quiet suburb, Borivali has transformed into a thriving retail destination. Thanks to the opening of Sky City Mall and the area’s high-street appeal, top global and domestic brands are investing here. Experts believe Borivali could soon rival traditional hotspots like Andheri, Bandra, and South Mumbai.
“Retail brands will continue to expand in Borivali. Sky City Mall is commanding rents up to ₹1,000 per sq ft, showing the demand for quality retail space,” says Chintan Vasani, Partner at Wisebiz Developers.
Inside the Apple-Oberoi Realty Lease Agreement
While Apple’s rent of ₹137 per sq ft might seem below market, it’s part of a nuanced revenue-sharing arrangement. Apple will pay 2% of revenue to Oberoi Realty for 42 months and 2.5% thereafter.
“We have rentals up to ₹1,000 per sq ft at Sky City Mall, depending on the space and tenant profile,” said Vikas Oberoi, CMD, Oberoi Realty, during the company’s Q4FY25 earnings call.
This pricing strategy offers Apple flexibility and benefits the developer through long-term revenue participation.
All About Sky City Mall: Borivali’s Game-Changer
- Developer: Oberoi Realty through Incline Realty Pvt Ltd
- Total Gross Leasable Area: ~12.07 lakh sq ft
- Leasable Carpet Area: ~7.24 lakh sq ft
- Location: Along Western Express Highway, Borivali East
- Key Tenants: INOX (10-screen multiplex), Starbucks, Titan, Adidas, Skechers, Puma
- Estimated Annual Rental Potential: ₹250 crore (₹2.5 billion)
According to a Motilal Oswal report, over 3,200 families are expected to reside nearby, with dual metro connectivity promising strong footfall.
Borivali’s Retail Surge: What’s Driving the Buzz?
Several factors are fuelling Borivali’s rise:
- Luxury Retail Demand: High-end watch stores stock models worth ₹1 lakh–₹1 crore.
- Premium High Streets: Multiple zones with luxury jewellery, fashion, and footwear.
- Infrastructure Growth: New developments and metro access are attracting major brands.
- Real Estate Trends: Redevelopment is unlocking more retail potential in the western suburbs.
FAQ: Apple Store at Sky City Mall, Borivali
Q1: How big is the new Apple Store in Borivali?
A: The store spans 12,616 sq ft in Sky City Mall, Borivali East.
Q2: What is the rent Apple is paying for the space?
A: ₹17.35 lakh per month with a revenue share component.
Q3: How long is the lease agreement for?
A: 130 months (approximately 11 years), with a 10-year 10-month lock-in period.
Q4: Why is Borivali becoming a retail hotspot?
A: Due to high-end consumer demand, modern infrastructure, and the opening of premium retail developments like Sky City Mall.
Q5: Who are the other major brands in the mall?
A: Notable tenants include INOX, Starbucks, Titan, Adidas, Skechers, Puma, and Safari.