Apple leases retail space in Borivali for Rs 2.08 crore annual rent

Apple speeds up India retail entry, 4th store signed

Apple has leased retail space in Oberoi Sky City Mall, Borivali — a Mumbai suburb — for an annual rent of Rs 2.08 crore (Rs 17.35 lakh per month), according to lease documents provided by Propstack, a real estate data analytics firm.

 

This will be the US-based technology giant’s second store in Mumbai after its first store in India at Jio Mall in Bandra Kurla Complex, and its fourth overall following stores in Saket, Delhi, and Batrayanpura, Bengaluru.

 

The space covers a carpet area of about 12,616 square feet (sq ft), making Apple an anchor tenant. The store is located on the ground floor of the mall. Apple will also have access to a storage area of 150 square metres and parking for five cars.

 

 

Apple has leased the space from Incline Realty, an Oberoi Realty affiliate, for a tenure of 10 years and 10 months. As per the lease agreement, rent will escalate by 15 per cent every three years. Additionally, Apple will share 2 per cent of its revenue for the first 42 months of the lease and 2.5 per cent thereafter.

 

The lease commenced on May 8, 2025, and the company has paid a security deposit of Rs 1.04 crore.

 

Earlier, Apple’s head of retail had mentioned plans to open more stores in India, targeting likely locations such as Bengaluru and Pune, besides Delhi-NCR and Mumbai.

 

Apple CEO Tim Cook, during the company’s quarterly earnings call in May, said, “In retail, in addition to the two stores we opened during the quarter, we’re also looking forward to a new retail store in the UAE, the arrival of the online store in Saudi Arabia, and new retail stores in India starting later this year.”

 

This development comes amid Apple’s shift of iPhone manufacturing from China to India to tap into the growing Indian smartphone market and to export from India to the US amid changing tariffs. US President Donald Trump had warned Apple of a 25 per cent tariff on iPhones sold in the US if they were not manufactured domestically.

 

Apple’s retail stores are part of its broader India strategy, where it began manufacturing iPhones in 2017 and now produces the latest models, including the iPhone 16 Pro and iPhone 16 Pro Max, domestically.

 

According to a recent Bloomberg report, Apple plans to double iPhone production in India to 80 million units to meet the expected US demand of 60 million iPhones by 2026. The company also intends to increase exports to select countries worldwide.

 

Cook noted that most US-bound iPhones in the June quarter will be manufactured in India. “For the June quarter, we do expect the majority of iPhones sold in the US will have India as their country of origin,” he said during the earnings call.

 

For its Bandra Kurla Complex (BKC) retail space of 20,806 sq ft, Apple signed an 11-year lease with an annual rent of Rs 5.04 crore (Rs 42 lakh per month), including a 2 per cent revenue share for the first three years and 2.5 per cent thereafter. Rent will escalate by 15 per cent every three years.

 

In Delhi, the Saket store occupies 8,400 sq ft leased for 10 years at an annual rent of Rs 4.8 crore (Rs 40 lakh per month), with a 15 per cent rent escalation every three years but no revenue share.

 

Last month, Apple leased 8,000 sq ft in Bengaluru for 10 years at an annual rent of Rs 2.09 crore (Rs 17.4 lakh per month), with a 15 per cent rent escalation every three years and a 2 per cent revenue share for the first three years, increasing to 2.5 per cent thereafter.

 

Under the lease terms, Apple has provided the lessor with a list of competitors. The lessor is prohibited from leasing any space to companies that compete with Apple’s retail business for retailing, advertising, selling, offering, displaying, and merchandising products and services within the mall’s exclusivity zone.