Apple India

has reportedly leased over 12,616 square feet of retail space in Borivali, a Mumbai suburb, for its second Apple Store in the city. The lease is for a period of 10 years and 10 months. This marks the US technology giant's fourth retail store location in India with two already open in Bandra-Kurla complex (BKC) in Mumbai and Saket in Delhi. Recently, a report suggested that Apple has leased retail space for the Apple Store in Bengaluru.Citing documents accessed via real estate data firm CRE Matrix, a report by The Economic Times says that Apple India finalised the lease agreement on May 28 for the space located in a mall off the Western Express Highway.

The lease agreement specifies a starting monthly rent of Rs 17.35 lakh (approximately Rs 138 per square foot). Apple has paid a security deposit of Rs 1.04 crore. The agreement includes a 10-month rent-free period, with rent payments commencing afterward. The lock-in period for the licensor spans the entire lease duration, while Apple's lock-in is set at 6 years and 6 months, the report added.The lease also features structured rent escalation and revenue sharing. The minimum payable rent will increase by 15% every 36 months. Additionally, Apple will pay a quarterly revenue share of 2% for the first 42 months, which will then rise to 2.5%. Common Area Maintenance (CAM) charges are fixed at Rs 75 per square foot.

Notably, Apple leased a 6,526 square-foot office in Mumbai's Bandra-Kurla Complex (BKC) at monthly rentals of Rs 738 per square foot. Recently, reports said that the company leased an 8,000 square-foot retail space in Bengaluru for its third India store.The space is in North Bengaluru's upscale Phoenix Mall of Asia. This comes soon after Apple CEO Tim Cook announced that the iPhone maker will expand its retail footprint in the country by opening four stores this year. Other two Apple Stores will open in Pune and Delhi-NCR.