Ahead of iPhone 17 launch, Apple India has secured a 12,616-square-foot space in Borivali (East) for what will be its second retail store in Mumbai. The upcoming Apple store will cover 12,616 square feet on the ground floor of Sky City Mall. The lease agreement spans nearly 11 years, with an initial monthly rent of ₹17.35 lakh. Rent is set to rise by 15% every three years, and Apple has already paid a security deposit exceeding Rs 1 crore, according to real estate data analytics firm CRE Matrix.
This will mark Apple’s second retail outlet in Mumbai, following the flagship store at Bandra Kurla Complex, which launched in April 2023. In addition to its presence in Delhi’s Select City Walk.
In November 2024, the iPhone maker signed a lease to establish its first retail store in Bengaluru. The 10-year agreement covers a 7,997.8 sq. ft space at the Phoenix Mall of Asia, with a monthly rent of Rs 17.44 lakh, or Rs 218.15 per sq. ft. Apple also paid a security deposit of around RS 1.05 crore for the premises.
Apple is growing its retail presence in India after a strong performance in the first quarter of fiscal year 2025. During this time, the iPhone became the best-selling smartphone in the country, underscoring the brand’s rising impact in a market where it still holds a relatively small share.
India has become Apple’s fourth-largest market worldwide, following the U.S., China, and Japan. In 2024, Apple achieved a record-breaking milestone by shipping 12 million iPhones in the country—a 35% increase from the previous year. In the last quarter of 2024, Apple entered India’s top five smartphone brands for the first time, claiming a 10% market share. This growth was fueled largely by robust demand for the iPhone 15 and iPhone 13 models.
Since the beginning of 2023, Apple has steadily broken its own sales records in India. Analysts expect this momentum to continue, with iPhone shipments in the country projected to reach between 13 and 14 million units in 2025. This sustained double-digit growth is likely to strengthen Apple’s lead in the premium smartphone segment and further cement its standing among the top five brands by total sales volume.
