Apple Store and Sky City Mall: A Boost for Borivali's Real Estate Market
The announcement of Apple's second Mumbai store at Oberoi Sky City Mall in Borivali East has sparked optimism in the local real estate market. While immediate price hikes are not yet evident, experts predict long-term appreciation in residential and commercial values due to the mall's comprehensive ecosystem.
Real EstateBorivaliApple StoreSky City MallProperty PricesReal Estate NewsAug 14, 2025
Experts note that prices within the Sky City project have already increased, and capital as well as rental values in the vicinity are expected to climb once the full ecosystem, including the mall, commercial office space, and a Marriott Hotel, becomes operational.
Apple India has leased 12,616 sq ft retail space in Mumbai’s Borivali suburb for ₹17.35 lakh monthly rent as it prepares to launch its second store in Maharashtra and fourth in the country, according to documents accessed by real estate data analytics firm Propstack. Beyond Apple, Sky City Mall already hosts several prominent brands, including a 10-screen multiplex operated by INOX, as well as leading retail names like Titan, Puma, Skechers, Adidas, Safari, and Starbucks, among others.
According to data from CRE Matrix, 122 leave and license agreements have been registered at Sky City Mall, with around 83 of them recorded in 2025 alone.
“Sky City is a reflection of our commitment to building integrated, future-ready developments that deliver exceptional experiences. Apple’s presence will undoubtedly elevate the retail ecosystem in Borivali,” Vikas Oberoi, CMD, Oberoi Realty, said in June 2025.
Experts say there has been no direct price hike in the mall’s vicinity yet, though the project itself has seen an increase. Capital and rental values in the area are expected to rise once the full ecosystem, including the mall, commercial office space, and Marriott Hotel planned as part of the Oberoi Sky City project, is operational.
“The impact of the Apple Store and Sky City Mall has so far been greater on the Oberoi Sky City project than on Borivali at large. Apartments near Sky City currently average around ₹30,000 per sq. ft., but within Sky City, they are now selling for about ₹50,000 per sq. ft. When launched, Sky City units were priced at ₹30,000–₹32,000 per sq. ft., while surrounding areas were selling at ₹17,000–₹20,000 per sq. ft.,” said Dhiren Doshi, a Borivali-based real estate consultant.
“It has also given almost 100% or even more return to few investors. However, once the Sky City Mall gets fully operational, the Marriott hotel becomes operational, the price benefit will come and that may not be attributable to just the Apple Store but to the entire ecosystem at large,” Doshi added.
“The Sky City mall is poised to compete directly with Borivali’s established high streets. We're seeing a ripple effect; brands in Borivali West are already renegotiating rental rates. While this may be a short-term correction, the long-term trend is clear: retail brands will continue to expand in Borivali,” said Chintan Vasani, partner at Wisebiz Developers, a real estate firm active in the Borivali-Dahisar belt.
The surge in interest is also driven by rising aspirations and disposable incomes of the area’s middle and upper-middle class, he said. “Local consumers show strong and consistent demand, with luxury watch showrooms offering pieces priced from ₹1 lakh to ₹1 crore,” Vasani said.
Frequently Asked Questions
What is the expected impact of Apple's store on Borivali's real estate market?
While no immediate price hikes have been observed, experts predict long-term appreciation in residential and commercial values due to the presence of premium retail developments like the Apple Store.
How much space has Apple leased at Sky City Mall in Borivali?
Apple India has leased 12,616 sq ft retail space in Mumbai’s Borivali suburb for ₹17.35 lakh monthly rent.
What other brands are present at Sky City Mall?
Sky City Mall hosts several prominent brands, including a 10-screen multiplex operated by INOX, as well as leading retail names like Titan, Puma, Skechers, Adidas, Safari, and Starbucks, among others.
What is the current price range for apartments near Sky City Mall?
Apartments near Sky City currently average around ₹30,000 per sq. ft., but within Sky City, they are now selling for about ₹50,000 per sq. ft.
How does the presence of the Apple Store and Sky City Mall affect rental rates in Borivali?
The presence of these developments has led to a ripple effect, with brands in Borivali West already renegotiating rental rates. While this may be a short-term correction, the long-term trend is expected to see continued expansion and higher rental values.
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