Apple India has leased 12,616 sq ft retail space for its second store in in Mumbai, in Borivali suburb for Rs 17.35 lakh monthly rent as it prepares to launch its second store in Maharashtra and fourth in the country.
The lease transaction registered is for a total period of 130 months (nearly 11 years), with a rent escalation of 15% every three years. Apple has also paid a security deposit of Rs 1.04 crore as part of the deal. The document showed that the lease has a lock-in period of 10 years and 10 months, effective from the commencement date.
The Sky City Mall is developed by listed real estate firm Oberoi Realty and is set to transform Borivali into a premium retail hub which in coming times will give run for their money to Mumbai’s established destinations like Andheri and Bandra.
Vikas Oberoi, CMD of Oberoi Realty, said during the company’s Q4FY25 meeting in April 2025 that the per-square-foot rental in Sky City Mall is between Rs 400 and Rs 1,000.
"We have rentals up to Rs1,000 a sq ft on carpet area. So, between Rs400 and Rs1,000, it's something like that. So, it all depends on who is coming in. We have got a very nice gold souk, a special area where we have got all the jewellers there. We have very high-end watches in one segment, so they are very interesting. This is literally one of the best malls I would say in the country, the way it is designed, and the feedback that we get, it's really, really nice. And these are the deals signed at Rs.1,000 carpet," Oberoi had said.
In case of Apple, the lower rental is due to revenue sharing between Apple India and Oberoi Realty. The agreement shows that above the per-month rental amount, Apple India will share revenue of 2% with Oberoi Realty for up to 42 months and 2.5% thereafter, starting from the 43rd month.
The mall is part of the Oberoi Sky City project, developed by Oberoi Realty along the Western Express Highway (WEH) in Borivali East, Mumbai. Spanning a gross leasable area (GLA) of approximately 12.07 lakh sq. ft. (with a leasable carpet area of around 7.24 lakh sq. ft.), the mall is a key component of the 25-acre mixed-use development ‘Sky City,’ undertaken by Incline Realty Private Limited, a wholly-owned subsidiary of the company.
Around 3,200 families are expected to live in the vicinity, offering easy access to the mall. Its strategic location, with connectivity to both exit points of the Metro line, is expected to boost footfall.
INOX has already signed on as an anchor tenant with a 10-screen multiplex, while leasing for the remaining space is underway.
