Mumbai Real Estate: How the Apple Store and Sky City Mall Impact Borivali Property Prices
The announcement of Apple’s second Mumbai store at Oberoi Sky City Mall in Borivali East has boosted property market sentiment, though the direct impact on prices is yet to be seen. Experts predict long-term appreciation in nearby residential and commercial values.
Mumbai Real EstateBorivaliApple StoreSky City MallProperty PricesReal Estate MumbaiAug 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 such as Titan, Puma, Skechers, Adidas, 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. This indicates a strong interest and investment in the area, which is expected to further enhance the property market.
Vikas Oberoi, CMD, Oberoi Realty, stated in June 2025, “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.”
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.
Dhiren Doshi, a Borivali-based real estate consultant, noted, “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.”
Doshi also mentioned, “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.”
Chintan Vasani, partner at Wisebiz Developers, a real estate firm active in the Borivali-Dahisar belt, stated, “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.”
The surge in interest is also driven by rising aspirations and disposable incomes of the area’s middle and upper-middle class. Vasani added, “Local consumers show strong and consistent demand, with luxury watch showrooms offering pieces priced from ₹1 lakh to ₹1 crore.”
These developments indicate a positive trajectory for the real estate market in Borivali, with the Apple Store and Sky City Mall playing a significant role in driving property values and attracting more investment to the area.
Frequently Asked Questions
What is the expected impact of the Apple Store and Sky City Mall on property prices in Borivali?
While there has been no immediate price hike, experts predict long-term appreciation in nearby residential and commercial values as the full ecosystem, including the mall, commercial office space, and Marriott Hotel, becomes operational.
How much space has Apple leased at the Sky City Mall in Borivali?
Apple has leased 12,616 sq ft of retail space at the Sky City Mall in Borivali for a monthly rent of ₹17.35 lakh.
What other prominent 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 such as Titan, Puma, Skechers, Adidas, and Starbucks.
How have property prices within the Sky City project changed?
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.
What is the expected competition for the Sky City Mall in Borivali?
The Sky City Mall is poised to compete directly with Borivali’s established high streets. Retail brands are already renegotiating rental rates in response to the new developments.
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