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The space in Sky City Mall at Borivali East has been leased through a long-term lease of 10 years and 10 months for a minimum monthly rent of Rs 17.35 lakh.
The license agreement includes a 10-month rent-free period and rent payments will start only after this initial period.
US tech giant and iPhone maker Apple’s Indian arm has leased 12,616 sq ft retail space in Mumbai’s Borivali suburb to set up its second store in the metropolitan and fourth in the country.
The space in Sky City Mall at Borivali East has been leased through a long-term lease of 10 years and 10 months for a minimum monthly rent of Rs 17.35 lakh translating to Rs 138 per sq ft, according to real estate data analytics firm CRE Matrix. The company has also paid a security deposit of Rs 1.04 crore.
The registration for the agreement was concluded on May 28, showed the documents accessed by the firm.
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 agreement also includes a revenue-sharing clause where Apple will pay 2% of its revenue from the store for the first 42 months and 2.5% from the 43rd month onwards
The lease also includes structured rent escalation. The minimum payable rent will escalate by 15% every 36 months.
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.
Last month, government sources said Apple’s investment plans for India are intact and the company proposes to have a major manufacturing base for its products in the country.
In April 2023, Apple opened its first two official stores in India–in Saket (Delhi) and BKS (Mumbai). Last October, Apple had announced that it will open four more stores in India, in Pune, Bengaluru, Delhi-NCR and Mumbai.
Apple began manufacturing iPhones in India in 2017.
(With inputs from agencies)
Shobhit Gupta is a sub-editor at News18.com and covers India and International news. He previously worked with Hindustan Times Digital (HTDS) and NDTV. He is interested in day to day political affairs in India …Read More
Shobhit Gupta is a sub-editor at News18.com and covers India and International news. He previously worked with Hindustan Times Digital (HTDS) and NDTV. He is interested in day to day political affairs in India … Read More
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