Apple to open 2nd Mumbai store, signs ₹17.35 lakh monthly lease | Know where

Apple India is set to open a new retail outlet in Borivali (East), Mumbai, making it the company’s second store in the city and fourth nationwide. The Borivali outlet reflects Apple’s shift towards blending premium brand presence with high-footfall suburban markets. The move follows the opening of its flagship store in BKC in April 2023, alongside a location in Delhi’s Saket and a future store in Bengaluru.

The store will occupy 12,616 sq ft on the ground floor of Oberoi Realty’s Sky City Mall. The lease, signed with Incline Realty Pvt Ltd, began on May 8, 2025 and runs for 130 months (almost 11 years), with a 10-month rent-free period.

• Monthly rent: ₹17.35 lakh

• Rate: ₹138 per sq ft

• Rent escalation: 15% every three years

• Security deposit: Over ₹1 crore

• Extras: 5 reserved parking spaces, 150 sq m of storage

Moreover, Apple has agreed to share store revenue with the landlord:

• 2% of revenue for the first 42 months

• 2.5% thereafter

Apple’s retail expansion aligns with its strong performance in India. The company shipped a record 12 million iPhones in 2024, marking a 35% year-on-year rise, and entered the top five smartphone brands in the country with a 10% market share in Q4 2024. Analysts expect this to grow to 13–14 million units in 2025, driven by demand for the iPhone 13 and iPhone 15 series.

India now ranks as Apple’s fourth-largest market, after the US, China, and Japan.