iPhone-maker Apple is set to open its sixth retail store in India and its second in Mumbai on February 26. The new outlet will be located in Borivali, on the ground floor of Sky City Mall.
Apple India has leased 12,616 sq ft of space at an annual rent of ₹2 crore for the store, according to lease documents accessed by Propstack.
The lease commenced on May 8, 2025, and is valid for a total tenure of 130 months, or nearly 11 years. Apple will pay a monthly rent of around ₹17.35 lakh, with a provision for a 15% escalation every three years. The agreement also includes a revenue-sharing clause, under which Apple will pay 2% of its store revenue for the first 42 months, rising to 2.5% from the 43rd month onwards, the documents showed.
The landlord for the property is Incline Realty Pvt Ltd. As part of the deal, Apple has paid a security deposit of ₹1.04 crore. The lease carries a lock-in period of 10 years and 10 months from the commencement date, the documents showed.
A list of queries has been sent to Apple. The story will be updated if a response is received.
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Apple’s second retail store in Mumbai
The new outlet, branded Apple Borivali, will mark Apple’s second retail store in Mumbai, following the launch of Apple BKC in 2023.
Apple entered India’s retail market in April 2023 with flagship stores in Mumbai and New Delhi. The company accelerated its expansion in 2025, opening Apple Hebbal in Bengaluru and Apple Koregaon Park in Pune, before adding Apple Noida in NCR.
Apple Borivali is expected to offer services like one-on-one assistance from Apple Geniuses and Specialists, creative support teams, and dedicated advisors for business users.
The store will also host complimentary Today at Apple programmes, offering daily hands-on sessions and workshops. Shoppers will be able to use services such as Apple Pickup, Apple Trade In, and guided support for moving to iOS, alongside post-purchase setup and troubleshooting.
Apple’s previous stores
Last year, Apple opened a store at Phoenix Mall of Asia in North Bengaluru on September 2, becoming its third official outlet in India after Apple BKC and Apple Saket, both of which were launched in 2023.
The Bengaluru store spans 7,997.8 sq ft under a 10-year lease signed in November 2024. According to documents accessed by Propstack, rent payments began in August 2025 at an annual ₹2.09 crore, with Apple placing a ₹1.046 crore security deposit. Both rent and deposit will increase by 15% every three years.
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In December 2024, Apple India signed one of the country’s most expensive commercial lease agreements when it secured 6,526 square feet of space at Bandra Kurla Complex (BKC) in Mumbai. The space, located in Maker Maxity-5, came at a staggering rental rate of ₹738 per square foot per month.
The five-year lease translated into a monthly outgo of ₹48.19 lakh, with Apple placing a hefty security deposit of ₹4.33 crore at the time of signing. The arrangement also included two lock-in periods, the first ending on December 31, 2027, and the second a year later, on December 31, 2028, ensuring stability for both the landlord, Agni Commex LLP, and the tenant, documents shared by Propstack had said.
Apple’s store in Delhi is located in Saket at Select Citywalk Mall. The retail store spans across 22,000 sq ft with an initial rent of ₹40 lakh per month, reports said.