Apple India Expands with New Store in Borivali

Apple India has secured a lease for a retail area of 12,616 square feet in Borivali (East), Mumbai. This will be the second store in the city and the fourth overall in the nation. The information comes from property registration details obtained through CRE Matrix and Propstack.

Details of the New Apple Store

The new retail space is situated on the ground floor of Oberoi Realty’s Sky City Mall, representing another significant move in Apple’s retail strategy within India. The leasing agreement, executed with Incline Realty Pvt Ltd, commenced on 8 May 2025 and covers a period of 130 months, which is almost 11 years. This agreement includes a generous 10-month rent-free timeframe.

Apple will start with a monthly rental payment of ₹17.35 lakh, which equates to ₹138 per square foot, and this will increase by 15% every three years. Additionally, the agreement provides for five reserved parking spaces and an extra 150 square metres for storage. A security deposit exceeding ₹1 crore has also been made by Apple.

Revenue-Sharing Structure

A noteworthy element of this agreement is a revenue-sharing provision that stipulates Apple will pay 2% of its store revenue for the initial 42 months, with that percentage rising to 2.5% thereafter.

Previous Stores and Future Plans

This store will be Apple’s second retail establishment in Mumbai, following the flagship outlet at Jio World Drive in Bandra Kurla Complex, which was inaugurated in April 2023. The company also has a store located in Select Citywalk Mall, Saket, Delhi, and has committed to a future site in Bengaluru’s Phoenix Mall of Asia. The Bengaluru store, which covers 7,998 square feet, was finalised in November 2024 with a 10-year lease, maintaining a monthly rental of ₹17.44 lakh and a security deposit of approximately ₹1.05 crore.

Apple’s Retail Expansion in India

Apple’s robust retail expansion is in response to its thriving performance within the Indian market. In 2024, the company achieved record shipments of 12 million iPhones in India, marking a 35% increase compared to the previous year, and breaking into the top five smartphone brands in the country for the first time with a 10% market share in Q4 2024. Analysts predict shipments will reach between 13 and 14 million units in 2025, significantly fuelled by the popularity of the iPhone 13 and iPhone 15 series.

Apple’s Strategic Presence in India

India now ranks as Apple’s fourth-largest global market, trailing only the United States, China, and Japan. The company’s expanding presence, transitioning from prestigious locations like BKC and Saket to bustling suburban centres such as Borivali, demonstrates a focus on balancing brand prestige and potential market reach.

Abhishek Kiran Gupta, co-founder and CEO of CRE Matrix, remarked, “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.”