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Apple India has leased a retail space in Borivali, Mumbai, as it prepares to open its fourth store in the country. The company has rented 12,616 square feet on the ground floor of Oberoi Sky City Mall, along with 150 square meters of storage and five parking spots.

Apple has agreed to pay an annual rent of about INR 2.08 crore. The monthly rent for the new store is INR 17.35 lakh. The lease began on May 8, 2025. The landlord is Incline Realty Pvt Ltd. 

The contract includes a revenue-sharing clause. For the first 42 months, Apple will pay 2% of the store’s sales. From the 43rd month onwards, the rate will increase to 2.5%.

The lease will run for 130 months, which is nearly 11 years. There is a 15% rent hike every three years. Apple also paid a security deposit of INR 1.04 crore. The agreement includes a lock-in period of 10 years and 10 months, starting from the lease commencement date.

This will be Apple’s second store in Maharashtra. The company currently operates stores in BKC, Mumbai, and Saket, Delhi. A third store is planned for Bengaluru.

Apple signed another lease for 7,997.8 square feet at Phoenix Mall of Asia in North Bengaluru. The deal was signed on November 8, 2024. Rent collection will begin on August 8, 2025. The company will pay INR 2.09 crore annually for a 10-year lease.

Apple is focusing on expanding its retail network across Asia, especially in India and China. The company is also planning upgrades and relocations for several stores in the US and Europe.

In December last year, Apple leased 6,526 square feet at Maker Maxity-5 in Mumbai’s Bandra Kurla Complex. The monthly rent is INR 48.19 lakh. Apple paid a deposit of INR 4.33 crore to Agni Commex LLP. The lease includes two lock-in periods ending in December 2027 and December 2028.

Apple aims to open 15 new stores and renovate six existing ones in the Asia-Pacific region as part of its global expansion plan.