Apple To Open Fourth India Store In Mumbai's Borivali
Apple's first India stores opened in BKC, Mumbai, and at Select City Walk mall in New Delhi. The firm had signed a lease in November to open a store in Bengaluru.
Apple Inc. has decided to open what would be its fourth official store in India and the second in the financial capital of Mumbai.
The iPhone maker has leased a 12,616-square-foot space on the ground floor of the Sky City Mall in Borivali for 10 years and 10 months at a starting monthly rent of Rs 17.35 lakh, according to the leave and licence agreement sourced by CRE Matrix — a real estate data analytics firm. That pegs the rent per square foot at Rs 137.5.
The rent will increase by 15% every three years. The licensee, Apple India Pvt., is paying a security deposit of Rs 1.04 crore to licensor Incline Realty Pvt.
Key Details
Licence period: 10 years and 10 months.
Rent-free period: 10 months.
Rent commencement date: After completion of rent-free period.
Lock-in period: Entire term for Incline Realty, six years and six months for Apple India.
"From flagship stores in BKC (Mumbai) and Saket (Delhi) to now leasing at Rs 138 per sq. ft. in Borivali's Sky City Mall, Apple's retail strategy in India is clearly evolving," Abhishek Singh Gupta, chief executive of CRE Matrix, told NDTV Profit. "This Rs 17-lakh-per-month lease with a Rs 1-crore-plus security 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," Gupta said.
Apple opened its first store in India in Bandra Kurla Complex, Mumbai, in April 2023, in what was then India’s most expensive rental deal. It has since been eclipsed by Tesla’s upcoming showroom next door. A second Apple store in Delhi’s Select City Walk opened a day later.
In November 2024, the Cupertino, California-based company signed a rent agreement to open its first store in Bengaluru. That 10-year lease for 7,997.8 sq. ft space in the Phoenix Mall of Asia was signed at a rent of Rs 218.15 per sq. ft or Rs 17.44 lakh/month. The security deposit was set at Rs approximately Rs 1.05 crore.
