Apple to open second store in Mumbai's Borivali, will pay Rs 17.35 lakh rent per month

Apple India is set to enhance its retail footprint with a new store in the bustling Borivali (East) area of Mumbai. The tech giant has secured a lease for a spacious 12,616 square feet within the Sky City Mall, making this its second retail outlet in Mumbai and the fourth across India. According to property registration records obtained from CRE Matrix and Propstack, the lease commenced on May 8, 2025, and will last for 130 months, including an initial 10-month rent-free period. The starting rent is pegged at ₹17.35 lakh per month, equating to ₹138 per square foot, with a scheduled increase of 15% every three years. The agreement includes provisions for five designated parking spots and an additional 150 square meters of storage space, with Apple having paid a security deposit exceeding ₹1 crore. A notable aspect of the lease is the revenue-sharing clause, which mandates that Apple will contribute 2% of its store revenue for the first 42 months, increasing to 2.5% thereafter. This new Borivali location follows the launch of Apple’s flagship store at Jio World Drive in April 2023 and complements its existing outlet in Delhi’s Select Citywalk Mall. Additionally, Apple has plans for a future store in Bengaluru’s Phoenix Mall of Asia, where it has also finalized a 10-year lease agreement. This strategic expansion comes on the heels of a remarkable performance in the Indian market, with Apple reportedly shipping a record 12 million iPhones in 2024—a 35% increase from the previous year—solidifying its position among the top five smartphone brands in the country. Analysts predict that shipments may reach between 13 to 14 million units in 2025, largely fueled by the popularity of the iPhone 13 and iPhone 15 series. With India now ranking as Apple’s fourth-largest market globally, the company's retail strategy appears to be adapting to balance premium branding with the potential of high-traffic suburban areas like Borivali. As noted by Abhishek Kiran Gupta, co-founder and CEO of CRE Matrix, the move from prestigious locations to suburban retail spaces signals a broader evolution in Apple’s approach to engaging with the Indian consumer market.