Apple India Expands Retail Footprint with New Mumbai Lease

Apple India has signed a substantial lease agreement for a 12,616 square foot space in Sky City Mall, located in Borivali East, Mumbai. According to CRE Matrix, a real estate data analytics firm that reviewed the lease, the agreement includes a minimum monthly rent of Rs 17.35 lakh.

The lease was secured with Incline Realty for a duration of 10 years and 10 months, which notably includes a 10-month rent-free period. The premium mobile device maker's starting rent is set at Rs 138 per square foot, with a minimum payable rent of Rs 17,35,104.

This recent expansion comes after Apple opened two other stores in India in April 2023 in Delhi and Mumbai, with more outlets planned for cities like Pune and Bengaluru. Apple's commitment to furthering its manufacturing base in India reflects its growing strategic interest in the region.

(With inputs from agencies.)