Mumbai’s western suburb of Borivali is poised for a major retail transformation, as global tech giant Apple India secures a prominent 12,616 sq ft space in Oberoi Realty’s Sky City Mall for its next flagship store in Maharashtra. This marks Apple’s second outlet in the city and fourth in India, underlining a strategic shift to expand beyond traditional premium locations such as Bandra and Andheri.
The lease agreement, formally registered for 130 months—just under 11 years—commits Apple India to a monthly rent of ₹17.35 lakh. It includes a lock-in period of nearly the full term and a standard escalation clause of 15% every three years. Additionally, the tech major has made a security deposit of over ₹1 crore. This long-term commitment not only indicates confidence in Borivali’s evolving market but also reflects the shifting dynamics of Mumbai’s urban commercial landscape.
Sky City Mall, where the new store will come up, is part of a larger 25-acre integrated township being developed by Oberoi Realty through its arm Incline Realty Private Limited. The mall itself offers a gross leasable area of over 12 lakh sq ft and a carpet area of over 7 lakh sq ft, with an expected catchment of more than 3,000 families residing within the complex and adjacent residential neighbourhoods.Crucially, this move reflects a growing trend of major international brands tapping into emerging premium retail zones in Mumbai’s northern suburbs. With enhanced metro connectivity via the Western Express Highway and dual access to metro exits, Borivali’s infrastructure upgrades are increasingly drawing high-profile retail investments.
The Apple-Oberoi lease also includes a unique revenue-sharing model. Beyond the fixed monthly rent, Apple will share 2% of its store revenue with the developer for the first 42 months, increasing to 2.5% thereafter. This arrangement indicates a shift in how high-value retailers and developers are partnering—aligning interests based on performance rather than static rentals.Real estate industry insiders suggest that Sky City Mall is being positioned as one of India’s most aspirational commercial retail hubs. While per sq ft rentals at the mall range from ₹400 to ₹1,000 based on brand categories and location within the mall, Apple’s lower rate stems from the revenue-linked structure. Yet its presence is likely to set a new benchmark, pushing up the area’s overall retail profile.
INOX has already confirmed a 10-screen multiplex as an anchor tenant, signalling Sky City Mall’s positioning as a full-spectrum leisure and lifestyle destination. With retail, entertainment, and residential components integrated into a single development, the project offers a compelling case for sustainable urban living, reducing commute times and encouraging walkable neighbourhoods—a core tenet of equitable and eco-conscious city planning.
Apple’s move to Borivali could serve as a bellwether for retail decentralisation in India’s metro cities, where affluent footfall is no longer confined to conventional high streets. It may also stimulate further investments in infrastructure, services, and public amenities across Mumbai’s northern corridors, making Borivali a case study for future-ready urbanisation.
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