Apple’s second store in Mumbai may come up in this mall

Apple is reportedly set to expand its physical retail footprint in India with a new store in Mumbai’s Borivali suburb. The company is leasing 12,616 sq ft of retail space in Oberoi Sky City Mall for a monthly rent of Rs 17.35 lakh, according to multiple online reports.

The lease, signed with Incline Realty Pvt Ltd, began on May 8, 2025, and includes an additional 150 sq m of storage space and five parking spots. The US tech giant has committed to an 11-year lease (130 months) with a lock-in period of nearly 11 years, and agreed to a 15% rent escalation every three years. A security deposit of Rs 1.04 crore has also been paid, as per reports.

In addition to fixed rent, Apple has inked a revenue-sharing clause: it will pay 2% of the store’s revenue for the first 42 months and 2.5% thereafter.

This marks Apple’s third retail lease in India after opening flagship stores in Mumbai’s BKC and Delhi’s Saket last year. The Borivali outlet is expected to help the brand tap into suburban foot traffic in one of Mumbai’s most densely populated zones.