Apple India Expands Retail Presence in Mumbai with ₹2 Crore Annual Rent Deal
Apple India has secured a 12,616 sq ft retail space in Borivali's Oberoi Sky City Mall for a monthly rent of ₹17.35 lakh. The lease agreement includes additional benefits and a revenue-sharing clause.
Apple IndiaMumbai Real EstateRetail SpaceLease AgreementBorivaliReal EstateJun 05, 2025
Apple will pay an annual rental of about ₹2.08 crore, and the landlord is Incline Realty Pvt Ltd. The agreement includes a revenue-sharing clause where Apple will pay 2% of its revenue from the store for the first 42 months and 2.5% from the 43rd month onwards. The lease is for a total period of 130 months (nearly 11 years), with a rent escalation of 15% every three years. Apple has also paid a security deposit of ₹1.04 crore as part of the deal. The lease has a lock-in period of 10 years and 10 months, effective from the commencement date, the document showed.
An email query has been sent to Apple India Private Limited. The story will be updated if a response is received. Incline Realty Pvt Ltd could not be reached for comment. The fresh lease follows Apple’s recent deal for 7,997.8 sq ft of retail space at the upscale Phoenix Mall of Asia in North Bengaluru, where it committed to an annual rent of ₹2.09 crore for a 10-year term. The lease commenced on November 8, 2024, and the rent will be charged from August 8, 2025, onwards.
Apple is focusing on its growth via retail network in China and other Asian markets, including India. The iPhone maker is also looking to revamp its existing retail outlets in the US and Europe, according to a Bloomberg report. Apple is going to open 15 fresh stores in the Asia-Pacific region, five in Europe and the Middle East, and four in the United States and Canada by 2027. The company also plans to revamp or relocate six stores in Asia, nine in Europe, and 13 in North America. In total, Apple is proposing a total of 53 new, relocated, or renovated stores over the next four years, the report said.
Bloomberg said Apple is also planning to upgrade its historic store in the Opera shopping area of Paris. Other upcoming store openings include one at the Battersea Power Station in London, which will be situated near Apple's new local headquarters, and a planned location in Miami. Moreover, a flagship store is set to be established at the Jing'an Temple Plaza in Shanghai.
In December last year, Apple India leased 6,526 sq ft of space in Bandra Kurla Complex (BKC) in Mumbai at a monthly rental of ₹738 per sq ft, one of the highest-ever commercial lease rentals in the country. The company 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 ₹48.19 lakh per month, and Apple India paid a deposit of ₹4.33 crore. The deal's lock-in period is December 31, 2027, which is referred to as the first lock-in period, and the second lock-in period is December 31, 2028.
As per a media report published in 2023, Apple had leased over 20,000 sq ft of retail space spread over three floors in a mall in the commercial hub of Mumbai’s Bandra Kurla Complex (BKC), at a minimum guaranteed rent of around ₹42 lakh per month.
Frequently Asked Questions
What is the size of the retail space Apple India has leased in Borivali?
Apple India has leased 12,616 sq ft of retail space in Borivali's Oberoi Sky City Mall.
What is the monthly rent for the leased space?
The monthly rent for the leased space is ₹17.35 lakh.
What additional benefits does the lease agreement include?
The lease agreement includes 150 sq m of storage space and five designated car parking slots.
What is the revenue-sharing clause in the lease agreement?
Apple will pay 2% of its revenue from the store for the first 42 months and 2.5% from the 43rd month onwards.
What is the total lease period and rent escalation?
The total lease period is 130 months (nearly 11 years) with a rent escalation of 15% every three years.
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