The iPhone 17 series has finally hit Indian shelves, and as expected, Apple stores across the country are witnessing a frenzy of eager buyers. From dawn, long queues snaked outside Apple outlets, with customers hoping to get their hands on the new iPhone 17, iPhone 17 Pro Max, and iPhone Air. But beyond the excitement of the launch lies another intriguing story—the scale of Apple’s retail presence in India and the hefty rentals these iconic stores demand.
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Apple’s Flagship Mumbai Store: India’s Most Expensive Retail Deal?
In December 2024, Apple India made headlines when it signed one of the costliest commercial leases in the country. The company secured 6,526 sq ft of prime retail space at Maker Maxity-5 in Mumbai’s Bandra Kurla Complex (BKC).
- Rent: ₹738 per sq ft per month
- Total Monthly Outgo: ₹48.19 lakh
- Security Deposit: ₹4.33 crore
- Lease Tenure: 5 years with lock-ins until 2027 and 2028
This isn’t Apple’s only bet in Mumbai. The company has also leased 12,616 sq ft of retail space in Borivali at a monthly rent of ₹17.35 lakh as it gears up to open its second store in Maharashtra.
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Bengaluru Store: Apple’s Southern Expansion
On September 2, 2025, Apple opened its third store in India at Phoenix Mall of Asia in Hebbal, North Bengaluru. Spanning 7,997.8 sq ft, this outlet comes with a long-term lease agreement.
- Lease Tenure: 10 years, signed in November 2024
- Rent: ₹2.09 crore annually (payments began August 2025)
- Security Deposit: ₹1.046 crore
- Escalation Clause: 15% increase every three years
- Revenue Sharing Model: 2% of revenue for the first 36 months, 2.5% thereafter (capped at 2x the yearly rent)
- Landlord: Sparkle One Mall Developers Pvt Ltd
The combination of fixed rent and revenue-sharing reflects Apple’s confidence in the growing premium retail market in South India.
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Delhi Store: Premium Pricing in the Capital
Apple’s Delhi outlet is housed in Select Citywalk Mall, Saket, covering around 8,400 sq ft of carpet area on the first floor. While smaller than Mumbai’s flagship, the Delhi store comes with surprisingly higher rentals.
- Monthly Rent: ~₹40 lakh
- Comparison: Apple pays around ₹42 lakh for 20,000 sq ft in Mumbai—making the Delhi store significantly costlier on a per sq ft basis.
The lack of exclusivity—given its location inside a busy mall—adds another layer of contrast when compared to the grandeur of Mumbai’s BKC flagship outlet.
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India’s iPhone Fever and Apple’s Bold Bet
The launch of the iPhone 17 series underlines Apple’s rising brand power in India. With record-breaking queues, high-value leases, and premium retail experiences, Apple is betting big on the Indian consumer’s growing appetite for luxury technology.
As the company continues to expand its footprint—from Delhi to Mumbai and Bengaluru—India is fast emerging as one of Apple’s most important global markets.
