Apple Leases Space in Mumbai’s Borivali for Fourth India Store
Apple India has secured a 12,616 sq ft retail space in Mumbai's Borivali suburb to launch its fourth store in the country. The lease spans nearly 11 years with a 10-month rent-free period and structured rent escalation.
AppleApple IndiaRetail ExpansionMumbaiBorivaliReal Estate MumbaiJun 05, 2025
Apple's India arm entered into an agreement to lease this space in a mall located off the Western Express Highway. The company will be paying a starting monthly rent of Rs 17.35 lakh, translating to Rs 138 per sq ft. The company has also paid a security deposit of Rs 1.04 crore.
The registration for the agreement was concluded on May 28, as shown by documents accessed through realty data analytic firm CRE Matrix. The license agreement includes a 10-month rent-free period, and rent payments will start only after this initial period. There is a lock-in of the entire duration for the licensor and 6 years 6 months for Apple.
The lease also includes structured rent escalation and revenue sharing. The minimum payable rent will escalate by 15% every 36 months. Furthermore, Apple will pay a quarterly revenue share of 2% for the first 42 months, rising to 2.5% thereafter. Common area maintenance (CAM) charges are fixed at Rs 75 per sq ft.
ET’s email query to Apple India remained unanswered. Earlier this year, Apple had leased an office spread over 6,526 sq ft in Mumbai’s business district Bandra-Kurla Complex (BKC) through a lease at monthly rentals of Rs 738 per sq ft. Recently, it leased an 8,000-sq-ft retail space in Bengaluru to set up its third India store after Mumbai and Delhi.
This move by Apple further solidifies its commitment to expanding its retail presence in India, a market that has seen significant growth and potential in recent years. The company's strategic locations in key cities like Mumbai, Bengaluru, and Delhi reflect its aim to cater to a diverse customer base and enhance its brand presence in the region.
Apple's expansion in India is part of a broader strategy to tap into the growing consumer electronics market. With a focus on premium retail experiences and customer service, the company aims to provide a seamless and engaging shopping experience for its customers. The Borivali store, in particular, is expected to attract a significant number of tech enthusiasts and loyal Apple customers in the suburban areas of Mumbai.
The lease agreement for the Borivali store is a testament to Apple's long-term vision and investment in the Indian market. By securing prime retail spaces in key locations, Apple is positioning itself to capitalize on the increasing demand for its products and services. The structured rent escalation and revenue sharing model also ensure a balanced financial approach, benefiting both Apple and the property owner.
As Apple continues to expand its retail footprint in India, it is likely to face competition from other tech giants and local brands. However, with its strong brand loyalty and innovative product offerings, Apple is well-positioned to maintain its market leadership and attract new customers in the coming years.
Frequently Asked Questions
Where is the new Apple store being set up in Mumbai?
The new Apple store is being set up in the Borivali suburb of Mumbai.
How much space has Apple leased for the new store in Borivali?
Apple has leased a 12,616 sq ft retail space for the new store in Borivali.
What is the lease duration for the new Apple store in Borivali?
The lease for the new Apple store in Borivali is for 10 years and 10 months.
What are the financial terms of the lease agreement?
The lease includes a 10-month rent-free period, a starting monthly rent of Rs 17.35 lakh, and structured rent escalation with revenue sharing.
What other cities does Apple have stores in India?
Apple currently has stores in Mumbai, Bengaluru, and Delhi.
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