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Hindustan Times
5 days ago
- 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.
Hindustan Times
20-05-2025
- Business
- Hindustan Times
Gurugram real estate: Oberoi Realty to enter Gurugram with high-end luxury project inspired by Three Sixty West
Mumbai-based Oberoi Realty is set to enter the Gurugram real estate market with a high-end luxury project, featuring apartments ranging from 5,000 to 8,000 sq ft, according to Vikas Oberoi, CMD of Oberoi Realty. Oberoi said the Gurugram project will be modeled after the company's flagship luxury development, Three Sixty West, located in Mumbai's Worli. There, apartments are priced at ₹1.50 lakh per sq ft. During an investment call last week, Oberoi mentioned that the company is focusing on the high-end luxury segment for its Gurugram venture. "It is very similar to what we are doing, maybe a smaller version of Three Sixty West. It will start with 5,000 (sq ft) or so, and will go up to 7,500, 8,000 (sq ft). So it's literally that sort of product, it's high-end, high-quality, and it's very well designed," said Oberoi. "Approval-wise, we constantly keep getting approval (for the Gurugram project), so there is really no challenge. We have got a few approvals in the past, maybe a few weeks ago, and the rest of them are also in place, so we are on a good wicket there,' he said. Oberoi Realty plans to launch its high-end luxury project in Gurugram in the second half of the current financial year. In November 2023, the company announced the acquisition of 14.81 acres of land in Sector 58, Gurugram, Haryana, for ₹597 crore. According to the company, the land has the potential to develop up to 2.6 million sq ft of floor area. Also Read: Oberoi Realty forays into NCR, acquires 14.8 acre land for luxury project "Over the past three years, Gurgaon has seen the highest sales value in Delhi NCR, making it a highly attractive market. With limited established local players, Mumbai developers see a clear opportunity to tap into the demand," said Ritesh Mehta, Senior Director and Head (North and West), Residential Services and Developer Initiative at JLL India, a real estate consultancy firm. According to Mehta, "For Oberoi Realty, entering the Gurugram market is a strategic move to diversify geographically and establish a presence in a high-growth, premium-driven zone. The city's evolving buyer profile and robust infrastructure development further enhance its appeal." In December 2024, Oberoi Realty announced its acquisition of 81 acres of land in the coastal town of Alibaug near Mumbai. The company plans to develop a luxury hotel and branded residence villas as part of the project. Speaking about the project launch, Oberoi stated that it could take place by the end of this year. "We would try to do it in, maybe the second half of this year also. But here we want to first do the sample villa. We want to do a restaurant, this is the Ritz-Carlton Hotel, and villas. So, we want to do a restaurant managed by Ritz, and then do a show villa, and then call people and all that give them a complete feel and flavour of what they will be buying into," Oberoi said. Also Read: Should you buy a home near the Metro station or a suburban local train station in Mumbai? Oberoi Realty has secured rental deals for space in the Borivali Sky City Mall at a rate of ₹1,000 per sq ft, according to the company. "We have rentals up to Rs1,000 a square foot on carpet area. So, between Rs400 and Rs1,000, it's something like that. So, it all depends on who is coming in, we have got a very nice gold souk, a kind of special area where we have got all the jewellers there. We have got 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 Rs1,000 carpet," said Vikas Oberoi. In March 2025, Oberoi Realty held a soft launch for its Sky City Mall in Borivali, marking its second mall in Mumbai after Oberoi Mall in Goregaon East. Also Read: 'Buying a house will never go out of fashion,' says Oberoi Realty's CMD Vikas Oberoi Sky City Mall, part of the 25-acre mixed-use development named 'Sky City,' features a gross leasable area (GLA) of approximately 12.07 lakh sq ft, with a leasable carpet area of around 7.24 lakh sq ft.
Hindustan Times
10-05-2025
- Business
- Hindustan Times
Oberoi Realty sells ₹1,250 crore stake in I-Ven Realty to Alpha Wave Ventures
Listed real estate developer Oberoi Realty has sold its stake in joint venture I-Ven Realty for ₹1,250 crore to Alpha Wave Ventures II, LP, the company announced in a regulatory filing. "We refer to our letter dated March 20, 2025 whereby we have intimated, inter alia, the approval by the board of directors of Oberoi Realty Limited ('Company') for the execution of the securities subscription agreement dated March 20, 2025 entered into between the Company, Alpha Wave\ Ventures II, LP," the company said in a regulatory filing. The regulator filing stated that Vikas Oberoi (CMD of Oberoi Realty), and I-Ven Realty Limited ('I-Ven') ('SSA'), pursuant to which I-Ven proposes to offer and issue securities to the Investor for a consideration of ₹1,250 crore constituting 21.74% of the share capital of I-Ven on a fully diluted basis, subject to certain conditions as contained in the SSA ('Proposed Transaction'). Also Read: Oberoi Realty sells 2.1 lakh sq. ft. of apartments worth ₹970 crore in Mumbai's Goregaon According to the company, the transaction was finalised on May 9, 2025, and the transaction involves the issuance of 2,77,778 compulsorily convertible preference shares (CCPS) at ₹44,999.964 per share and 10 Class A equity shares at ₹10 per share to Alpha Wave Ventures. As a result, Alpha Wave now holds a 21.74% stake in I-Ven Realty on a fully diluted basis, while Oberoi Realty's stake stands at 39.13%. "Consequent to the allotment of the aforementioned securities to the Investor by I-Ven, the company (Oberoi Realty) holds 39.13% of the equity share capital of I-Ven, on a fully diluted basis," the company said. Meanwhile, the company last week announced the launch of Elysian Tower D at Oberoi Garden City in the Goregaon area of Mumbai. The project, which has a gross booking value of ₹970 crore for 2.1 lakh sq ft (RERA carpet area) and a total saleable area of 3.25 lakh sq ft, was announced by the company in a regulatory filing. Also Read: 'Buying a house will never go out of fashion,' says Oberoi Realty's CMD Vikas Oberoi The development, which spans 80 acres, offers a variety of 3—and 4-BHK residences, with carpet areas ranging from 2,009 to 3,430 sq. ft, the company said.
Economic Times
10-05-2025
- Business
- Economic Times
Oberoi Realty sells 21.74% in JV I-Ven Realty to Alpha Wave for Rs 1,250 cr
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Realty developer Oberoi Realty has sold 21.74% stake in its joint venture company I-Ven Realty to global investment firm Alpha Wave Ventures II for Rs 1,250 crore, making it one of the largest private equity investments in India's real estate sector so far this per the agreement between the developer, promoter Vikas Oberoi, I-Ven Realty, and Alpha Wave Ventures II, the company has allotted a combination of 277,778 Series A convertible preference shares (CCPS) and 10 Class A equity shares, the listed company said in a regulatory the company announced Vikas Oberoi has pledged nearly 24.62 crore shares of Oberoi Realty amounting to over 75% of his nearly 68% stake in the company.I-Ven Realty, which has been focused on real estate development, has no recorded revenue in the last three financial years but is expected to ramp up operations following this capital deal highlights the growing interest of global investors in India's real estate sector, particularly in Mumbai's high-value commercial and residential March, Oberoi Realty had announced, I-Ven will be undertaking a rights issue of redeemable preference shares at an issue price of Rs 400 each to the company and Vikas Oberoi in equal proportion, raising Rs 165 crore. The proceeds from the rights issue will be used for repayment of loans and redeeming existing preference shares held by Oberoi Realty and Vikas agreement in March had outlined governance rights for Alpha Wave Ventures, including the ability to nominate a board director and have veto powers on key operational and managerial there will be a five-year lock-in period during which none of the stakeholders can sell their shares. Post-lock-in, Alpha Wave Ventures has multiple exit options, including a sale to a third party or a merger with Oberoi the regulatory filing then, Oberoi Realty had said the transaction will not affect its management or control, with Vikas Oberoi continuing to hold at least 51% stake in the company. Ends
Time of India
10-05-2025
- Business
- Time of India
Oberoi Realty sells 21.74% in JV I-Ven Realty to Alpha Wave for Rs 1,250 cr
Realty developer Oberoi Realty has sold 21.74% stake in its joint venture company I-Ven Realty to global investment firm Alpha Wave Ventures II for Rs 1,250 crore, making it one of the largest private equity investments in India's real estate sector so far this year. #Operation Sindoor India-Pakistan Clash Live Updates| Missiles, shelling, and attacks — here's all that's happening Pakistani Air Force jet shot down in Pathankot by Indian Air Defence: Sources India on high alert: What's shut, who's on leave, and state-wise emergency measures As per the agreement between the developer, promoter Vikas Oberoi, I-Ven Realty, and Alpha Wave Ventures II, the company has allotted a combination of 277,778 Series A convertible preference shares (CCPS) and 10 Class A equity shares, the listed company said in a regulatory filing. Separately, the company announced Vikas Oberoi has pledged nearly 24.62 crore shares of Oberoi Realty amounting to over 75% of his nearly 68% stake in the company. I-Ven Realty, which has been focused on real estate development, has no recorded revenue in the last three financial years but is expected to ramp up operations following this capital infusion. The deal highlights the growing interest of global investors in India's real estate sector, particularly in Mumbai's high-value commercial and residential projects. In March, Oberoi Realty had announced, I-Ven will be undertaking a rights issue of redeemable preference shares at an issue price of Rs 400 each to the company and Vikas Oberoi in equal proportion, raising Rs 165 crore. The proceeds from the rights issue will be used for repayment of loans and redeeming existing preference shares held by Oberoi Realty and Vikas Oberoi. The agreement in March had outlined governance rights for Alpha Wave Ventures, including the ability to nominate a board director and have veto powers on key operational and managerial matters. Additionally, there will be a five-year lock-in period during which none of the stakeholders can sell their shares. Post-lock-in, Alpha Wave Ventures has multiple exit options, including a sale to a third party or a merger with Oberoi Realty. In the regulatory filing then, Oberoi Realty had said the transaction will not affect its management or control, with Vikas Oberoi continuing to hold at least 51% stake in the company. Ends
