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Hindustan Times
5 days ago
- Business
- Hindustan Times
Mumbai real estate: Will the Apple store and Sky City Mall drive property prices in Borivali?
The announcement of Apple's second Mumbai store at Oberoi Sky City Mall in Borivali East has boosted property market sentiment in the area. While no direct rise in surrounding real estate prices has been observed yet, consultants believe premium retail developments like this can drive long-term appreciation in nearby residential and commercial values. Apple India has leased 12,616 sq ft retail space in Mumbai's Borivali suburb for ₹ 17.35 lakh monthly rent as it prepares to launch its second store in Maharashtra and fourth in the country. (Picture for representational purposes only)(Mehul R Thakkar/HT) Experts note that prices within the Sky City project have already increased, and capital as well as rental values in the vicinity are expected to climb once the full ecosystem, including the mall, commercial office space, and a Marriott Hotel, becomes operational. Apple Store in Mumbai's Borivali Apple India has leased 12,616 sq ft retail space in Mumbai's Borivali suburb for ₹17.35 lakh monthly rent as it prepares to launch its second store in Maharashtra and fourth in the country, according to documents accessed by real estate data analytics firm Propstack. Beyond Apple, Sky City Mall already hosts several prominent brands, including a 10-screen multiplex operated by INOX, as well as leading retail names Titan, Puma, Skechers, Adidas, Safari, Starbucks, among several others. According to data from CRE Matrix, 122 leave and license agreements have been registered at Sky City Mall, with around 83 of them recorded in 2025 alone. Also Read: Mumbai Apple India deal: 5 key facts about the brand's upcoming 12,616 sq ft store in Borivali Have the Apple Store and Sky City Mall led to an increase in prices? "Sky City is a reflection of our commitment to building integrated, future-ready developments that deliver exceptional experiences. Apple's presence will undoubtedly elevate the retail ecosystem in Borivali,' Vikas Oberoi, CMD, Oberoi Realty had said in June 2025. Experts say there has been no direct price hike in the mall's vicinity yet, though the project itself has seen an increase. Capital and rental values in the area are expected to rise once the full ecosystem, including the mall, commercial office space, and Marriott Hotel planned as part of the Oberoi Sky City project, is operational. 'The impact of the Apple Store and Sky City Mall has so far been greater on the Oberoi Sky City project than on Borivali at large. Apartments near Sky City currently average around ₹30,000 per sq. ft., but within Sky City, they are now selling for about ₹50,000 per sq. ft. When launched, Sky City units were priced at ₹30,000– ₹32,000 per sq. ft., while surrounding areas were selling at ₹17,000– ₹20,000 per sq. ft.,' said Dhiren Doshi, a Borivali-based real estate consultant. Also Read: Top real estate deal in Mumbai's suburbs: 4 BHK apartment in Borivali sells for ₹14 crore at ₹56,000 per sq ft "It has also given almost 100% or even more return to few investors. However, once the sky city mall gets fully operational, the Marriott hotel becomes operational, the price benefit will come and that may not be attributable to just the Apple Store but to the entire ecosystem at large," Doshi said. "The Sky City mall is poised to compete directly with Borivali's established high streets. We're seeing a ripple effect; brands in Borivali West are already renegotiating rental rates. While this may be a short-term correction, the long-term trend is clear: retail brands will continue to expand in Borivali," said Chintan Vasani, partner at Wisebiz Developers, a real estate firm active in the Borivali-Dahisar belt. The surge in interest is also driven by rising aspirations and disposable incomes of the area's middle and upper-middle class, he said. Also Read: ₹8.5 crore for a 5 BHK apartment in Mumbai's Borivali sparks social media reactions 'Local consumers show strong and consistent demand, with luxury watch showrooms offering pieces priced from ₹1 lakh to ₹1 crore,' Vasani said.
Hindustan Times
07-06-2025
- Business
- Hindustan Times
Mumbai Apple India deal: 5 key facts about the brand's upcoming 12,616 sq ft store in Borivali
Borivali, a locality in Mumbai's western suburbs, has welcomed a high-profile new tenant, the Apple Store at Sky City Mall, developed by listed real estate firm Oberoi Realty. Over the past decade, Borivali has transformed into a premium retail hub, say real estate experts. In addition to the newly opened Sky City Mall (launched in March 2025), the area boasts at least three prominent retail high streets that attract leading global and domestic brands. With this growing commercial presence, 'Brand Borivali' is fast emerging as a strong contender to established retail destinations like Andheri, Bandra, and even South Mumbai. Apple India has leased 12,616 sq ft retail space in Mumbai's Borivali suburb for ₹17.35 lakh monthly rent as it prepares to launch its second store in Maharashtra and fourth in the country, according to documents accessed by real estate data analytics firm Propstack. The lease transaction registered on May 28, 2025, is for a total period of 130 months (nearly 11 years), with a rent escalation of 15% every three years. Apple has also paid a security deposit of ₹1.04 crore as part of the deal. The document showed that the lease has a lock-in period of 10 years and 10 months, effective from the commencement date. Also Read: Apple India leases 8000 sq ft of retail space in Bengaluru for ₹2 crore annual rent as Foxconn facility nears completion The lease agreement signed between Apple India and Oberoi Realty shows that the per sq ft rental for the Apple Store is over ₹137 per sq ft. However, experts opine that the rentals in Sky City Mall are up to ₹1,000 per sq ft. The lower rental in this case is due to revenue sharing between Apple India and Oberoi Realty. The agreement shows that above the per-month rental amount, Apple India will share revenue of 2% with Oberoi Realty for up to 42 months and 2.5% thereafter, starting from the 43rd month. Vikas Oberoi, CMD of Oberoi Realty, said during the company's Q4FY25 meeting in April 2025 that the per-square-foot rental in Sky City Mall is between ₹400 and ₹1,000. The per sq ft rental is different in Sky City Mall for different sizes, depending on the floor. "We have rentals up to ₹1,000 a sq ft on carpet area. So, between ₹400 and ₹1,000, it's something like that. So, it all depends on who is coming in. We have got a very nice gold souk, a special area where we have got all the jewellers there. We have very high-end watches in one segment, so they are very interesting. This is literally one of the best malls I would say in the country, the way it is designed, and the feedback that we get, it's really, really nice. And these are the deals signed at Rs.1,000 carpet," Oberoi had said. The mall is part of the Oberoi Sky City project, developed by Oberoi Realty along the Western Express Highway (WEH) in Borivali East, Mumbai. Spanning a gross leasable area (GLA) of approximately 12.07 lakh sq. ft. (with a leasable carpet area of around 7.24 lakh sq. ft.), the mall is a key component of the 25-acre mixed-use development 'Sky City,' undertaken by Incline Realty Private Limited, a wholly-owned subsidiary of the company. According to a March 2023 research report by Motilal Oswal, around 3,200 families are expected to live in the vicinity, offering easy access to the mall. Its strategic location, with connectivity to both exit points of the Metro line, is expected to boost footfall. INOX has already signed on as an anchor tenant with a 10-screen multiplex, while leasing for the remaining space is underway. The report adds that the mall is expected to stabilise by FY25 and has the potential to generate annual rentals of ₹2.5 billion. Also Read: Mumbai real estate: Apple India leases space in Borivali mall for ₹2 cr annual rent to open fourth store in the country According to real estate experts, Borivali has become a magnet for premium retail, boasting at least three prominent high streets featuring luxury jewellery stores, high-end fashion, watches, footwear, and branded department stores. 'Sky City Mall in Borivali East is already commanding rentals of up to ₹1,000 per sq ft, highlighting the growing demand for quality retail space in the suburb,' said Chintan Vasani, partner at Wisebiz Developers, a real estate firm active in the Borivali-Dahisar belt. 'The mall is poised to compete directly with Borivali's established high streets. We're seeing a ripple effect; brands in Borivali West are already renegotiating rental rates. While this may be a short-term correction, the long-term trend is clear: retail brands will continue to expand in Borivali.' The surge in interest is also driven by rising aspirations and disposable incomes of the area's middle and upper-middle class. 'Local consumers show strong, consistent demand, with luxury watch showrooms offering pieces priced between ₹1 lakh and ₹1 crore,' Vasani added. The redevelopment of ageing buildings is also paving the way for new high streets across the city, not just in Borivali. Mira Road, which is around 30% more affordable than Borivali, currently has a larger number of retail high streets and malls, reflecting shifting demand-supply dynamics. With its expanding retail footprint, 'Brand Borivali' is fast emerging as a strong challenger to traditional retail hotspots like Andheri, Bandra, and even South Mumbai, he said. Also Read: Top real estate deal in Mumbai's suburbs: 4 BHK apartment in Borivali sells for ₹14 crore at ₹56,000 per sq ft According to data from CRE Matrix, 122 leave and license agreements have been registered at Sky City Mall, with around 83 of them recorded in 2025 alone. Notable brands in the mall include Titan, Puma, Skechers, Adidas, Safari, Starbucks, and INOX.
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Business Standard
05-06-2025
- Business
- Business Standard
Apple inks 10-yr Rs 17.4 lakh/month retail deal in Borivali's Sky City Mall
Apple India has secured a premium commercial lease for a retail unit at Sky City Mall, Borivali East, Mumbai, marking a significant addition to its offline footprint in the city. According to property registration documents accessed by CRE Matrix, a data-driven real estate firm, the company has leased the unit for 10 years and 10 months with a monthly rent of Rs 17.35 lakh and a security deposit of over Rs 1.04 crore. The lease agreement was officially registered on May 28, 2025, and covers a carpet area of 12,616 sq. ft., including five car parkings. The starting rent per sq. ft. is set at Rs 138 per square feet, with rent escalation fixed at 15% every three years. Apple will benefit from a 10-month rent-free period, after which the rent will commence. Notably, the lock-in period spans the entire lease duration for the licensor, while the licensee (Apple) has a lock-in of 6 years and 6 months. The agreement also includes a revenue share clause, with Apple committing to share 2% of quarterly revenue for the first 42 months, which will increase to 2.5% thereafter. Additionally, Common Area Maintenance (CAM) charges have been set at ₹75 per sq. ft. "From flagship stores in BKC and Saket to now leasing at ₹138 per sq. ft. in Borivali's Sky City Mall, Apple's retail strategy in India is clearly evolving. This ₹17 lakh-a-month lease with a ₹1 crore-plus deposit shows that the brand sees value not just in prestige locations, but in high-potential suburban hubs. As real estate data analysts, we view this as a turning point—global brands are starting to chase footfalls and formats over just pin codes," said Abhishek Kiran Gupta, CEO & Co-founder, CRE Matrix. Sky City Mall, located off the Western Express Highway in Borivali East, is a strategic commercial hub with excellent metro and road connectivity. Apple's move to expand in this suburban hotspot underscores its commitment to tapping into growing retail demand in India's financial capital. This is Apple's India fourth store in the country. 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. According to the documents, Apple India Private Limited, the Indian arm of US-based multinational technology company headquartered in Cupertino, California, has leased the commercial space in a building named Maker Maxity-5 for five to the documents, Agni Commex LLP (the landlord) leased the space for Rs 48.19 lakh per month and Apple India paid a deposit of Rs 4.33 crore.
Fashion Network
14-05-2025
- Business
- Fashion Network
Wacoal India bolsters Mumbai store presence with Borivali opening
Wacoal India has expanded its retail footprint in Mumbai with the opening of a new exclusive brand outlet at Sky City Mall, Borivali. The launch follows the recent debut of its flagship store at Phoenix Palladium and reflects the premium Japanese lingerie brand's continued investment in key urban markets. Spanning 550 square feet, the new store offers a curated selection of Wacoal's lingerie, loungewear, and sleepwear collections, the brand announced in a press release. The layout includes private fitting rooms and minimalist interiors designed to deliver a premium and comfortable shopping experience aligned with Wacoal's global retail standards. 'At Wacoal, we are dedicated to helping every woman find the perfect fit through superior design, premium quality, and personalised service,' said Wacoal India's chief operating officer Pooja Merani in a press release. 'The launch of our new store at Sky City Mall allows us to serve a growing base of customers in Borivali, a market that reflects the evolving aspirations of young professionals and families seeking quality and style in intimate wear.' The Borivali store launch is part of Wacoal's broader strategy to strengthen its presence in India's growing premium lingerie market. With 17 exclusive outlets now open across the country, the brand plans to expand further in the next 12 to 18 months, supported by its e-commerce platform and multi-brand outlet partnerships. Mumbai remains a strategic focus for Wacoal's retail expansion across India, according to the label.
Business Standard
29-04-2025
- Business
- Business Standard
Oberoi Realty slips after Q4 PAT tanks 45% YoY to Rs 433 cr
Oberoi Realty fell 1.96% to Rs 1,623.20 after the company's consolidated net profit tumbled 45.03% to Rs 433.17 crore on a 12.52% drop in revenue from operations to Rs 1,150.14 crore in Q4 FY25 over Q4 FY24. Profit before tax during the quarter stood at Rs 577.10 crore, registering a de-growth of 40.58% from Rs 971.28 crore reported in Q4 FY24. EBITDA was at Rs 681.26 crore in the March quarter of 2025, down 34.01% as against Rs 1,032.36 crore posted in Q4 FY24. Vikas Oberoi, chairman & MD, Oberoi Realty, said, The Indian economy continues to grow at a steady pace, the fastest amongst the major economies amidst global uncertainties. Fueled by rising affluence and lifestyle aspirations, luxury real estate continues to witness sustained demand. At Oberoi Realty, we are pleased to report a quarter driven by steady sustenance residential sales and notable milestones across our verticals. We are particularly excited about the launch of Sky City Mall in Borivali, which received an overwhelming response from both consumers and leading retail brands. Our commercial portfolio, including Commerz III, continues to attract marquee tenants, reflecting robust office leasing demand. With a slew of upcoming project launches, we are confident of capitalizing on the real estate demand. Lastly, we continue to explore attractive business development opportunities that will help us deliver consistent, long-term value across our offerings." Meanwhile, the company announced a fourth interim dividend for the current financial year of Rs 2 per equity share of face value of Rs 10 each. The record date for the payment will be May 5. The interim dividend will be paid starting from May 26. Oberoi Realty is a Mumbai-based real estate development company. It is focused on premium developments in the residential, office space, retail, hospitality, and social infrastructure projects.
