Apple India Signs Long-Term Retail Lease in Mumbai’s Borivali for ₹2 Crore Annually

Apple India has leased a retail space in Mumbai’s Borivali suburb for an annual rent of over ₹2 crore. The lease agreement, recently reported by real estate data firm Propstack, indicates Apple’s growing interest in physical retail expansion in Indian urban centres.

According to the documents reviewed, Apple has taken on lease a 12,616 sq ft retail unit in Oberoi Sky City Mall, a commercial and retail development in Borivali East. The lease includes an additional 150 square metres of storage space and five dedicated car parking slots. The lease commenced on May 8, 2025, and carries a monthly rental of ₹17.35 lakh, translating to approximately ₹2.08 crore annually.

The landlord, as mentioned in the agreement, is Incline Realty Private Limited, a company associated with the Oberoi Realty Group. In addition to the base rent, the agreement also contains a revenue-sharing clause: Apple will pay 2% of its store revenue for the first 42 months, which will increase to 2.5% from the 43rd month onward. This hybrid structure reflects the increasingly common practice of combining fixed rental with variable income components in high-profile retail leasing.

The lease has a total tenure of 130 months, or close to 11 years, with a lock-in period of 10 years and 10 months, meaning Apple is committed to occupying the space for the majority of the lease duration. The agreement also includes a rent escalation clause, under which the rent will increase by 15% every three years. Apple has deposited a security amount of ₹1.04 crore as part of the transaction.

This development comes after Apple’s earlier leasing of 7,997.8 sq ft of retail space in the Phoenix Mall of Asia, located in North Bengaluru. That deal, signed in late 2024, involves a 10-year lease term and a similar annual rental of ₹2.09 crore. The Bengaluru lease includes its own structured payment plan, with rent beginning from August 8, 2025.

These real estate moves align with Apple’s broader regional strategy. The company is steadily increasing its retail footprint in Asia-Pacific markets, with India being a particular area of focus. As per information from Bloomberg, Apple has plans to open 15 new stores across Asia-Pacific, including multiple locations in India, by 2027. This includes not only new stores but also relocation and renovation of existing outlets.

In the same report, it was highlighted that Apple intends to upgrade or relocate six stores in Asia, nine in Europe, and 13 in North America, as part of a plan involving 53 store projects globally over the next four years. Planned store openings include key locations in London, Paris, Miami, and Shanghai.

In the Indian context, Apple has made several notable real estate investments. In December 2024, Apple India signed a lease for a 6,526 sq ft office space in Maker Maxity-5, Bandra Kurla Complex (BKC), one of Mumbai’s most premium business districts. The monthly rent for that space was ₹48.19 lakh, with the rental rate working out to ₹738 per sq ft, one of the highest commercial lease rates in the country. Apple also paid a security deposit of ₹4.33 crore for that deal, with lock-in periods extending to December 2028.

In an earlier media report, Apple was also said to have leased over 20,000 sq ft of space across three floors in a BKC mall, with a minimum monthly rent of ₹42 lakh. That lease reflects the company's ongoing strategy to establish flagship and experience-focused stores in high-traffic commercial zones.

Apple’s India operations have seen steady growth over recent years, boosted by increasing local demand, manufacturing expansion (through partners such as Foxconn), and strategic product launches tailored to the Indian market. The company’s physical retail push is seen as part of its efforts to enhance brand visibility and create a more direct interface with consumers.

Oberoi Sky City Mall, where the new store will be located, is part of a broader integrated development including residential towers. It is situated adjacent to the Western Express Highway and is positioned to serve residents from nearby areas such as Kandivali, Dahisar, and Malad.