Apple India Leases Prime Retail Space in Mumbai’s Borivali for ₹2 Crore Annual Rent
Apple India has secured a 12,616 sq ft retail space in Mumbai’s Borivali suburb for an annual rent of ₹2.08 crore, according to documents accessed by Propstack. The lease includes additional storage and parking facilities, with a revenue-sharing clause and a 10-year lock-in period.
Apple IndiaReal EstateMumbaiRetail SpaceLease AgreementReal Estate NewsJun 05, 2025
The landlord, Incline Realty Pvt Ltd, will receive a monthly rent of ₹17.35 lakh from Apple. 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 and is subject to a lock-in period of 10 years and 10 months from the commencement date.
Apple’s new lease in Borivali follows its 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 in Bengaluru commenced on November 8, 2024, and rent will be charged from August 8, 2025, onwards.
Apple is focusing on expanding its retail network in China and other Asian markets, including India. The iPhone maker is also revamping its existing retail outlets in the US and Europe, according to a Bloomberg report. Apple plans to open 15 new 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 intends to revamp or relocate six stores in Asia, nine in Europe, and 13 in North America, totaling 53 new, relocated, or renovated stores over the next four years.
Bloomberg reported that Apple is 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. Additionally, 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, with a second lock-in period of December 31, 2028.
Apple’s expansion in India’s commercial hubs underscores its commitment to strengthening its presence in the country. The company’s strategic leasing of prime retail spaces in high-traffic areas like Borivali and BKC demonstrates its confidence in the Indian market and its potential for growth.
Frequently Asked Questions
What is the annual rent for Apple India's new retail space in Borivali?
Apple India has leased the retail space in Borivali for an annual rent of ₹2.08 crore.
How long is the lease agreement for the Borivali retail space?
The lease agreement is for a total period of 130 months (nearly 11 years).
What additional facilities are included in the lease?
The lease 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.
Where else has Apple recently leased retail space in India?
Apple has also leased 7,997.8 sq ft of retail space at the upscale Phoenix Mall of Asia in North Bengaluru for an annual rent of ₹2.09 crore.
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