Apple inks 10-yr Rs 17.4 lakh/month retail deal in Borivali's Sky City Mall

The 10-year 10-month agreement includes a ₹1.04 crore security deposit and a revenue share clause.

Apple India has secured a premium commercial lease for a retail unit at Sky City Mall, Borivali East, Mumbai, marking a significant addition to its offline footprint in the city. According to property registration documents accessed by CRE Matrix, a data-driven real estate firm, the company has leased the unit for 10 years and 10 months with a monthly rent of Rs 17.35 lakh and a security deposit of over Rs 1.04 crore.

 

The lease agreement was officially registered on May 28, 2025, and covers a carpet area of 12,616 sq. ft., including five car parkings. The starting rent per sq. ft. is set at Rs 138 per square feet, with rent escalation fixed at 15% every three years.

 

 

Apple will benefit from a 10-month rent-free period, after which the rent will commence. Notably, the lock-in period spans the entire lease duration for the licensor, while the licensee (Apple) has a lock-in of 6 years and 6 months.

 

The agreement also includes a revenue share clause, with Apple committing to share 2% of quarterly revenue for the first 42 months, which will increase to 2.5% thereafter. Additionally, Common Area Maintenance (CAM) charges have been set at ₹75 per sq. ft.

 

"From flagship stores in BKC and Saket to now leasing at ₹138 per sq. ft. in Borivali’s Sky City Mall, Apple’s retail strategy in India is clearly evolving. This ₹17 lakh-a-month lease with a ₹1 crore-plus deposit shows that the brand sees value not just in prestige locations, but in high-potential suburban hubs. As real estate data analysts, we view this as a turning point—global brands are starting to chase footfalls and formats over just pin codes," said Abhishek Kiran Gupta, CEO & Co-founder, CRE Matrix.

 

Sky City Mall, located off the Western Express Highway in Borivali East, is a strategic commercial hub with excellent metro and road connectivity. Apple’s move to expand in this suburban hotspot underscores its commitment to tapping into growing retail demand in India’s financial capital.

 

This is Apple’s India fourth store in the country.

 

Earlier this year, Apple had leased an office spread over 6,526 sq ft in Mumbai’s business district Bandra-Kurla Complex (BKC) through a lease at monthly rentals of Rs 738 per sq ft. According to the documents, Apple India Private Limited, the Indian arm of US-based multinational technology company headquartered in Cupertino, California, has 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 Rs 48.19 lakh per month and Apple India paid a deposit of Rs 4.33 crore. 

 

Recently, it leased an 8,000-sq-ft retail space in Bengaluru to set up its third India store after Mumbai and Delhi.