Apple Leases New Space in Mumbai's Sky City Mall for Retail Expansion
Apple India has leased 12,616 square feet in Mumbai's Sky City Mall for a minimum monthly rent of Rs 17.35 lakh, according to CRE Matrix. This marks a significant step in the company's retail expansion plans across India.
AppleMumbaiRetail ExpansionSky City MallIndiaReal Estate MumbaiJun 05, 2025
Real estate data analytics firm CRE Matrix has reviewed the lease agreement of Apple India, which currently operates two stores, one each in Mumbai and New Delhi. The new space in Sky City Mall is leased from Incline Realty for a period of 10 years and 10 months, with a rent-free period of 10 months.
The starting monthly rent is Rs 138 per square foot, resulting in a minimum payable rent of Rs 17,35,104. The revenue share percentage is set at 2 per cent per quarter for the first 42 months, after which it increases to 2.5 per cent per quarter, as per CRE Matrix.
In April 2023, Apple opened its first two official stores in India, located in Saket (Delhi) and BKS (Mumbai). The company has been actively expanding its retail footprint in the country. Last October, Apple announced plans to open four more stores in India, in Pune, Bengaluru, Delhi-NCR, and Mumbai.
Apple began manufacturing iPhones in India in 2017, and the company has been steadily increasing its investment in the country. Last month, government sources revealed that Apple's investment plans for India are intact, with the company proposing to establish a major manufacturing base for its products in the country.
This new lease in Mumbai's Sky City Mall underscores Apple's commitment to the Indian market and its strategy to provide customers with a premium retail experience. As the company continues to expand its retail network, it aims to cater to the growing demand for its products in one of the world's most populous and dynamic consumer markets.
Apple's expansion in India is not just about retail; it also reflects the company's broader strategy to tap into the country's manufacturing potential and build a robust supply chain. With the Indian government's push for 'Make in India' initiatives, Apple is well-positioned to benefit from the favorable business environment and the growing tech-savvy consumer base.
The new store in Sky City Mall is expected to offer a wide range of Apple products, including the latest iPhones, iPads, Macs, and accessories, along with a dedicated service and support center. This will enhance the customer experience and provide a one-stop solution for all Apple-related needs.
As Apple continues to invest in India, it is likely to see increased competition from other global tech giants and local players. However, with its strong brand loyalty and innovative products, Apple is well-equipped to maintain its market leadership and drive further growth in the region.
Frequently Asked Questions
Where is the new Apple store located?
The new Apple store is located in Sky City Mall at Borivali East, Mumbai.
What is the size of the leased space?
Apple has leased 12,616 square feet of space in Sky City Mall.
What is the minimum monthly rent for the new store?
The minimum monthly rent for the new store is Rs 17.35 lakh.
How long is the lease agreement for the new store?
The lease agreement is for a period of 10 years and 10 months, with a rent-free period of 10 months.
What are Apple's future plans for store expansion in India?
Apple plans to open four more stores in India, in Pune, Bengaluru, Delhi-NCR, and Mumbai.
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