By buld_online 
Apple India has leased a 12,616-square-foot retail space in Mumbai’s Borivali (East) for what will be its second store in the city and fourth nationwide, according to property registration documents accessed by CRE Matrix and Propstack.
The upcoming store, located on the ground floor of Oberoi Realty’s Sky City Mall, will mark another step in Apple’s retail push in India. The lease agreement, signed with Incline Realty Pvt Ltd, began on 8 May 2025 and spans a total of 130 months (nearly 11 years), including a 10-month rent-free period. Apple is paying a starting monthly rent of ₹17.35 lakh, translating to ₹138 per square foot, with a 15% escalation every three years. The deal also includes five reserved parking slots and 150 square metres of additional storage space. Apple has deposited over ₹1 crore as a security deposit.
Notably, the agreement includes a revenue-sharing clause, under which Apple will pay 2% of its store revenue for the first 42 months, increasing to 2.5% thereafter.
This store will be Apple’s second in Mumbai, following its flagship location at Jio World Drive in Bandra Kurla Complex, which opened in April 2023. It also operates a retail outlet in Delhi’s Select Citywalk Mall in Saket and has signed a lease for a future store in Bengaluru’s Phoenix Mall of Asia. The Bengaluru store, spread across 7,998 square feet, was secured in November 2024 under a 10-year agreement, with monthly rent set at ₹17.44 lakh and a security deposit of approximately ₹1.05 crore.
Apple’s aggressive retail expansion follows a surge in its performance in the Indian market. The company shipped a record 12 million iPhones in India in 2024, a 35% year-on-year increase, and broke into the top five smartphone brands in the country for the first time, capturing a 10% market share in Q4 2024. Analysts expect shipments to rise to 13–14 million units in 2025, driven largely by demand for the iPhone 13 and iPhone 15 series.
India is now Apple’s fourth-largest market globally, behind only the United States, China and Japan. The company’s deepening footprint, from premium locations like BKC and Saket to high-traffic suburban hubs such as Borivali, reflects a strategic shift to balance brand prestige with mass-market potential.
“From flagship stores in BKC and Saket to now leasing at ₹138 per sq ft in Borivali’s Sky City Mall, Apple’s retail strategy in India is clearly evolving. This ₹17 lakh-a-month lease with a ₹1 crore-plus deposit shows that the brand sees value not just in prestige locations but in high-potential suburban hubs,” said Abhishek Kiran Gupta, co-founder and CEO of CRE Matrix.