Apple leases space in Mumbai’s Borivali suburb for fourth India store

US technology major Apple’s India arm has picked up a over 12,616 sq ft retail space in Mumbai suburb Borivali through a long-term lease of 10 years and 10 months to set up its fourth store in the country.

Apple India entered into an agreement to lease this space in a mall located off the Western Express Highway. The company will be paying a starting monthly rent of Rs 17.35 lakh, translating to Rs 138 per sq ft. The company has paid a security deposit of Rs 1.04 crore.

The registration for the agreement was concluded on May 28, showed the documents accessed through realty data analytic firm CRE Matrix.

The license agreement includes a 10-month rent-free period and rent payments will start only after this initial period, with a lock-in of the entire duration for the licensor and 6 years 6 months for Apple.

The lease also includes structured rent escalation and revenue sharing. The minimum payable rent will escalate by 15% every 36 months. Furthermore, Apple will pay a quarterly revenue share of 2% for the first 42 months, rising to 2.5% thereafter. Common area maintenance (CAM) charges are fixed at Rs 75 per sq ft.

ET’s email query to Apple India remained unanswered.

Earlier this year, Apple had leased an office spread over 6,526 sq ft in Mumbai’s business district Bandra-Kurla Complex (BKC) through a lease at monthly rentals of Rs 738 per sq ft. Recently, it leased an 8,000-sq-ft retail space in Bengaluru to set up its third India store after Mumbai and Delhi.