India, Feb. 14 -- iPhone-maker Apple is set to open its sixth retail store in India and its second in Mumbai on February 26. The new outlet will be located in Borivali, on the ground floor of Sky City Mall.

Apple India has leased 12,616 sq ft of space at an annual rent of Rs.2 crore for the store, according to lease documents accessed by Propstack.

The lease commenced on May 8, 2025, and is valid for a total tenure of 130 months, or nearly 11 years. Apple will pay a monthly rent of around Rs.17.35 lakh, with a provision for a 15% escalation every three years. The agreement also includes a revenue-sharing clause, under which Apple will pay 2% of its store revenue for the first 42 months, rising to 2.5% from the 43rd month onwards, the do...