Overview

• Apple India has signed an 130-month lease for a 12,616 sq ft ground-floor space in Oberoi Sky City Mall at a starting rent of ₹17.35 lakh per month.
• The agreement includes a 10-month rent-free period, 15% rent escalations every three years and a revenue-sharing clause of 2% in the first 42 months rising to 2.5% thereafter.
• Apple paid a security deposit exceeding ₹1 crore and secured five dedicated parking slots plus 150 sq m of storage space under the lease.
• The Borivali outlet will be Apple’s second store in Mumbai and fourth official retail location in India, following Saket, BKC in Mumbai and Bengaluru’s Phoenix Mall of Asia.
• The move follows record shipments of 12 million iPhones in India in 2024 and complements Apple’s broader strategy to expand its retail footprint and accelerate local manufacturing with Foxconn and Tata Electronics.