Apple India has leased a 12,616 square feet space in Borivali (East) for its second store in Mumbai, property registration documents accessed by CRE Matrix and Propstack show.
The American electronics giant will pay a starting rent of Rs 17.35 lakh a month for the space at Oberoi Realty's Oberoi Sky City Mall, translating to Rs 138 per square foot a month, with a 15 percent escalation every 36 months.
The lease period 10 years and 10 months includes a rent-free period of 10 months. The lease was registered on May 28. Apple India paid a security deposit of over Rs 1 crore, the documents show.
Apple's first store in Mumbai, the first in India, was set up at the Jio World Drive mall in Bandra Kurla Complex. The company has also has a store at Delhi’s Select Citywalk shopping mall, owned by Nexus Select Trust, in Saket.
Moneycontrol reported in October that Apple was planning to expand its retail presence in India, with a second outlet in Mumbai, more stores in Delhi-NCR and also go to Pune and Bengaluru.
"From flagship stores in BKC and Saket to now leasing at Rs 138 per sq ft in Borivali’s Sky City Mall, Apple’s retail strategy in India is clearly evolving. This Rs 17 lakh-a-month lease with a Rs 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.
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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