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Apple Leases Prime Retail Space in Mumbai’s Borivali for Second Store in City

Apple Leases Prime Space in Borivali Mumbai

Global tech giant Apple is expanding its retail footprint in India, securing 12,616 sq ft of premium retail space in Mumbai’s fast-growing suburb of Borivali. This marks Apple’s fourth store in the country, following locations in Mumbai, Delhi, and Bengaluru.

The new Apple store will be housed in a prominent mall situated just off the Western Express Highway, a key arterial road connecting Mumbai’s suburbs. The India arm of Apple has signed a long-term lease agreement spanning 10 years and 10 months, with monthly rent starting at Rs 17.35 lakh, which works out to approximately Rs 138 per sq ft.

According to documents accessed by CRE Matrix, the lease registration finalized on May 28 reveals that Apple negotiated a 10-month rent-free period. Rent payments will begin after this initial phase, with a lock-in period of the entire lease term for the licensor and 6 years and 6 months for Apple. The agreement also incorporates structured rent escalations of 15% every 36 months to keep pace with market trends.

Additionally, Apple has agreed to a revenue-sharing model with the mall owners. The lease includes a quarterly revenue share of 2% for the first 42 months, increasing to 2.5% thereafter. Common area maintenance (CAM) charges are fixed at Rs 75 per sq ft. Apple has paid a security deposit of Rs 1.04 crore as part of the agreement.

This move follows Apple’s recent leasing of an 8,000 sq ft retail space in Bengaluru to establish its third store in India, as well as an office lease of 6,526 sq ft in Mumbai’s Bandra-Kurla Complex (BKC), one of the city’s key commercial hubs. The BKC lease commanded a monthly rental of Rs 738 per sq ft. This indicates Apple’s strategic investment in prime real estate to support both retail and office operations.

With this new retail location in Borivali, Apple is tapping into Mumbai’s rapidly developing suburban markets, catering to the growing tech-savvy population outside the city’s traditional commercial zones. The Western Express Highway area offers excellent connectivity and footfall potential, making it an attractive choice for luxury and tech brands aiming to strengthen their presence in India’s largest metropolis.

As Apple continues to expand its physical store network in India, the company is set to bring its premium retail experience closer to more consumers, supporting the growing demand for Apple products in the country.

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Tesla Leases 24,000 Sq Ft in Kurla, Mumbai for New Service Centre

Tesla Leases Space in Kurla

Tesla’s entry into the Indian market continues to gain momentum with the electric vehicle (EV) giant leasing a new commercial space in Kurla West, central Mumbai. The newly acquired 24,500 sq. ft facility, located in Macrotech Developers’ Lodha Industrial and Logistics Park, will serve as a dedicated vehicle service center—Tesla’s first such facility in the country.

This marks Tesla’s fourth commercial footprint in India, following the establishment of its engineering hub in Pune, its registered office in Bengaluru, and a short-term office in Bandra Kurla Complex (BKC). Notably, this is the second deal concluded by Tesla within the last two months, highlighting the company’s growing focus on operational readiness in India.

According to documents accessed by CRE Matrix, the lease agreement, signed by Tesla India Motor & Energy, spans five years with a starting monthly rent of Rs 37.53 lakh. The total rental commitment over the lease term exceeds Rs 24 crore. The license period commenced on April 20, with a rent-free phase lasting one month and ten days. Rent payments began on June 1. The lease includes an annual 5% escalation in rent and Rs 10 per sq. ft Common Area Maintenance (CAM) charges, which will also escalate by 5% annually.

This strategic move comes soon after Tesla secured its first showroom space in India at BKC, setting a record for lease rentals at Rs 881 per sq. ft per month. With this new facility, Tesla is laying the groundwork for its long-term operations in the country.

Tesla’s recent activity suggests a renewed commitment to India, particularly in light of recent policy changes aimed at attracting global EV manufacturers. The developments follow CEO Elon Musk’s meeting with Prime Minister Narendra Modi during his US visit, a turning point in Tesla’s approach toward the Indian market.

As the government continues to ease import duties and encourage local production, Tesla’s growing footprint could signal the beginning of a robust EV ecosystem in India.

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Tata Digital Leases 58,688 Sq Ft Office Space in Lower Parel for ₹12 Crore Annual Rent

Tata Digital Leases Office

Tata Digital has taken a major step toward expanding its operational footprint by leasing 58,688 sq ft of premium office space at One International Centre in Lower Parel, Mumbai. The five-year lease deal, valued at over ₹12 crore annually, highlights the company’s confidence in the strategic advantages offered by this Central Mumbai business district.

According to property registration documents accessed by CRE Matrix, Tata Digital has leased five units across the 15th, 16th, and 17th floors of the commercial complex. The lease agreement, registered on March 17, 2025, comes with a security deposit exceeding ₹7 crore. The lease officially commences on February 1, 2025, with rent becoming chargeable from July 16, 2025.

The monthly rental for the space is pegged at ₹1.05 crore, with a 5% escalation clause applicable each year. Additionally, the agreement includes 49 parking slots, while provisions for extra parking are priced at ₹10,000 per month per slot.

One International Centre is among the most sought-after commercial properties in Mumbai, housing several multinational corporations and offering modern infrastructure, prime location benefits, and strong connectivity.

Tata Digital, the technology arm of the Tata Group, was established to develop and lead its digital consumer businesses. It holds majority stakes in BigBasket, 1mg, and other strategic platforms, driving the group’s digital vision across e-commerce, health tech, and consumer services.

This move by Tata Digital not only reflects its operational expansion but also reaffirms Lower Parel’s growing stature as a hub for tech-driven enterprises and corporate headquarters. The locality’s robust infrastructure, access to key transport corridors, and a growing ecosystem of modern commercial spaces continue to attract major occupiers.

Recent Transactions

The commercial real estate sector in Mumbai continues to witness high-value leasing activity, with prominent companies securing premium office spaces across major business hubs. These recent transactions reflect strong demand, strategic expansions, and a positive outlook for India’s office space market in 2025.

In a recent transaction, Eternal Ltd, formerly Zomato, signed a five-year lease for 84,157 sq. ft. of prime office space in Andheri, Mumbai. In another transaction, Amazon renewed its lease for over 94,000 sq ft of office space at Godrej Two in Vikhroli for a five-year term, with a monthly rent of ₹1.73 crore.

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Zomato (Now Eternal Ltd) Leases Office Space in Mumbai’s Andheri for ₹85 Crore

Zomato Leases Office Space in Andheri

In a major commercial leasing transaction, Eternal Ltd, formerly known as Zomato, has signed a five-year lease for 84,157 sq. ft. of prime office space in Andheri, Mumbai. The deal is valued at ₹85 crore, as per documents accessed by CRE Matrix.

The lease deal was registered on May 9, 2025, and the new workspace is located on the 7th floor of R Square, a commercial building owned by Histyle Retail Pvt Ltd (Runwal Realty). The leased premises include six units and 57 car parking spaces, offering a significant footprint in one of Mumbai’s busiest commercial hubs.

The lease agreement begins on May 1, 2025, and includes a 60-month lock-in period for the licensor and 36 months for the licensee. As per documents accessed by CRE Matrix, the monthly rent is set at ₹1.34 crore for the initial 36 months, after which it will increase to ₹1.54 crore for the remaining two years, reflecting a 15% escalation. The effective rent works out to approximately ₹160 per sq. ft.

This move aligns with Eternal’s evolving corporate vision. In February 2025, Zomato officially rebranded itself as Eternal Ltd. This was a shift in focus beyond its core food delivery business. Founder and CEO Deepinder Goyal shared that the rebranding reflects the company’s broader ambitions, particularly with the growing impact of Blinkit, Zomato’s quick-commerce arm.

Commenting on the strategic location, Abhishek Kiran Gupta, CEO and co-founder of CRE Matrix and IndexTap.com, said that Andheri is emerging as a prominent office market due to factors such as increasing annual leasing activity, ongoing housing developments, enhanced metro, airport, and highway connectivity, as well as robust hospitality infrastructure. He added that these advantages are driving many established brands to set up their base in Andheri.

Recent Transactions

Mumbai’s commercial real estate market continues to witness robust activity, with several high-value office space transactions recently finalized. Growing demand from diverse industries and improving infrastructure are driving companies to secure prime locations across key business districts in the city.

In a significant recent transaction within R Square, the same building mentioned earlier, HDFC Bank secured a lease agreement valued at ₹1,020 crore for a sprawling 4.5 lakh sq ft of premium office space. In another transaction, Amazon renewed its lease for over 94,000 sq ft of office space at Godrej Two in Vikhroli for a five-year term, with a monthly rent of ₹1.73 crore.

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Amazon Renews ₹1.73 Crore Monthly Lease With Godrej Green Homes in Mumbai’s Vikhroli

Amazon Renews ₹1.73 Crore Monthly Lease

In a notable reaffirmation of Mumbai’s commercial real estate potential, Amazon has renewed its lease for over 94,000 sq ft of office space at Godrej Two in Vikhroli for a five-year term, with a monthly rent of ₹1.73 crore. Located along the Eastern Express Highway, this Grade-A office development continues to attract top-tier tenants, with Amazon maintaining a significant presence through four of its group companies.

According to documents sourced from CRE Matrix, the leased premises span the 7th floor of Godrej Two and cover over 58,000 sq ft of carpet area. The lease includes 60 parking spaces, 20 of which are paid at a monthly fee of ₹8,508 per space, and is secured with a 48-month lock-in period.

As per the property registration documents, the first lease transaction involved portions of units 701, 702, and 703, comprising over 42,000 sq ft of leasable area, which was taken up by Amazon Seller Services Pvt Ltd at a monthly rent of more than ₹78 lakh. The second transaction included parts of units 701, 702, 703, and 704, totaling approximately 19,926 sq ft, leased to Amazon Development Centre India Pvt Ltd for over ₹36 lakh per month.

In the third transaction, Amazon Data Services India Pvt Ltd leased portions of units 701 and 704, spanning 16,447 sq ft, at a monthly rent exceeding ₹30 lakh. The fourth lease, involving unit 703 and measuring 15,181 sq ft, was secured by Amazon Smart Commerce Solutions Pvt Ltd for a monthly rent of over ₹27 lakh.

Karan Bolaria, MD & CEO of Godrej Fund Management, commented, “Amazon has renewed its lease for office space on the 7th floor of Godrej Two, located along the Eastern Express Highway in Vikhroli, Mumbai. As one of the building’s original tenants, Amazon’s continued presence reaffirms the enduring appeal of Godrej Two as a premium commercial address.”

Launched in March 2021, Godrej Two is LEED Platinum certified and fully leased, reflecting the high demand for premium office spaces across sectors such as BFSI, IT, logistics, engineering, pharmaceuticals, and manufacturing. Amazon’s renewal further cements Vikhroli’s rising stature as a thriving business hub in the city.

Recent Transactions

Mumbai’s commercial real estate market continues to show resilience with major office space lease renewal transactions. Corporate giants are reinforcing their long-term presence in the city’s premium business hubs. This reflects strong demand for Grade-A office spaces, strategic locations, and top-tier infrastructure across key micro-markets like Vikhroli. 

In a recent transaction, HDFC Bank leased 4.5 Lakh sq ft of office space in Mumbai’s Andheri for ₹1,020 crore. 

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Princeton Digital Leases 1 Million Sq Ft at Airoli Knowledge Park near Mumbai for Flagship Data Centre Campus

Princeton Digital Leases 1 Million Sq Ft at Airoli Knowledge Park

In a major commercial deal, Princeton Digital Group (PDG) has signed a landmark lease agreement with Mindspace Business Parks REIT, acquiring 1 million sq ft of space at Airoli Knowledge Park. The transaction, registered on April 1, 2025, is valued at ₹10.42 crore in monthly rent and involves three buildings owned by Gigaplex Estate Pvt Ltd, a Mindspace REIT entity.

According to property registration documents accessed by CRE Matrix, the lease spans both 20-year and 40-year terms, with a 15-year lock-in. It also includes a rent escalation clause—4% annually for the first 15 years and 5% thereafter. Additionally, PDG has secured 81 car parking spaces as part of the agreement.

The leased space, totaling one million sq ft, is distributed across three separate agreements. Princeton Digital has leased 3.15 lakh sq ft at a monthly rent of ₹3.10 crore, 2.52 lakh sq ft for ₹2.48 crore per month, and 4.91 lakh sq ft at ₹4.83 crore per month.

This deal marks a pivotal step in PDG’s expansion in India. Mindspace REIT had earlier announced, on September 25, 2024, a strategic partnership with PDG to develop its flagship and largest data centre campus in the country at Mindspace Airoli West.

As per the agreement, Mindspace will construct three built-to-suit data centres for PDG, adding to the two already developed, which span 0.63 million sq ft. Once complete, the campus will include five buildings and a total footprint of 1.65 million sq ft, making it one of the largest data centre developments in India. The facilities will form part of a 15-acre development within Mindspace Airoli West’s expansive 50-acre business ecosystem.

This agreement highlights the increasing significance in the digital infrastructure landscape in addition to the growing need for hyperscale data centers in India.

Recent Transactions

Commercial transactions for setting up data centers are rapidly increasing in India, especially near Mumbai. The region’s strategic connectivity and robust infrastructure make it a preferred destination for hyperscale and colocation data center investments.

In a recent transaction, Equinix India Pvt Ltd, a US-based data center company, paid ₹155 crore for 5,597 sq m of land in the Chandivali neighborhood of Mumbai. The company intends to establish a new data centre, marking its third such facility in Mumbai. 

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Manoj Bajpayee Leases Mumbai Office Space for ₹11 Lakh Monthly Rent for Five Years

Manoj Bajpyee leases office space

Bollywood star Manoj Bajpayee and his wife Shabana Bajpayee have leased two commercial properties in Mumbai’s Andheri West for a monthly rent of ₹10.9 lakh for the next five years, as per property documents accessed by CRE Matrix, a real estate data analytics firm.

The office is located in the Lotus Signature building on Veer Desai Road. Each unit offers 1,905 sq ft of RERA carpet area, totalling 3,810 sq ft. The deal was officially registered on April 3, 2025.

Barcode Influencer Marketing Pvt Ltd has leased the property and has paid a security deposit of ₹43.7 lakh. The lease also includes a 5% rent increase, which means the monthly rent will reach ₹13.3 lakh by the fifth year. The lease provides six designated parking spaces and a fit-out period of 75 days for renovation and refurbishment.

Abhishek Kiran Gupta, the CEO and co-founder of CRE Matrix, highlighted that this deal, totalling ₹7.26 crore in rent over the license period, shows how important Andheri West has become as a commercial hotspot in Mumbai.

He added that certain Grade A commercial developments might fetch a significant premium over other projects in the same region, even if location is still a major determinant of the per square foot rate. He believes that in the future, project significance will take precedence over location.

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Mumbai Khadi & Village Industries Association Sells 3.84-Acre Borivali Land Parcel for ₹539 Crore

Mumbai Khadi & Village Industries Association Sells 3.84-Acre Borivali Land Parcel

In a notable land deal in Mumbai’s western suburbs, the Mumbai Khadi & Village Industries Association (MKVIA) has sold a 3.84-acre land parcel in Borivali West for over ₹539.25 crore. The buyer, a local real estate developer, secured the land through a competitive bidding process and has already made an upfront payment of ₹52.25 crore, with the remaining ₹487 crore to be paid in tranches linked to construction milestones.

This transaction follows MKVIA’s strategic move to convert the land from Occupancy Class-II (a restricted tenure requiring government approvals for transfer) to freehold status. The conversion, completed in April and May 2024, involved a premium payment of ₹51.7 crore to the government, granting the trust full ownership rights and enabling the sale.

According to documents accessed via real estate data analytics firm CRE Matrix, the final payment under the agreement is due upon receipt of the full occupation certificate or within 1,620 days from the registration of the conveyance deed – whichever is earlier. Flexibility for revising timelines has also been built into the contract.

The deal was finalized after receiving clearance from the Charity Commissioner under the Maharashtra Public Trusts Act, with approvals granted through four separate orders dated January 8, 2025.

This transaction reflects a broader trend of large-scale land acquisitions in Mumbai as developers aggressively pursue redevelopment and mixed-use opportunities in high-potential urban zones. With sustained demand for both residential and commercial spaces, land parcels in key localities like Borivali are attracting significant investor interest.

India’s land market is witnessing strong momentum across metro cities like Mumbai, Delhi-NCR, and Bengaluru, where developers are focusing on luxury housing and mixed-use formats. Tier-2 cities are also emerging as hotspots for residential, plotted, and warehousing projects, driven by infrastructure development and evolving urban needs.

Recent Land Transactions in Mumbai

Mumbai’s real estate market continues to witness high-value land transactions. Recent deals, especially in prime suburbs, highlight the growing demand for residential and commercial projects. Developers are actively acquiring land parcels to capitalise on redevelopment opportunities and create mixed-use developments that cater to evolving urban needs.

In a recent land deal, the Adani Group acquired a premium land parcel of more than 1.1 acres in South Mumbai’s ultra-affluent Carmichael Road for over ₹170 crore. In another transaction, Landmark Developers and Sobha Ltd. acquired a 2.11-acre land parcel in Parel, Mumbai, for ₹423.38 crore.

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IndoSpace Leases Over 700,000 Sq Ft Warehousing Space to RenewSys India

IndoSpace Leases Over 700,000 Sq Ft Warehousing Space

In a landmark development for India’s logistics and warehousing industry, IndoSpace has leased out more than 700,000 sq ft of Grade-A warehousing space to solar PV modules manufacturer RenewSys India Pvt Ltd. The facility is located in Khalapur, near Mumbai. This deal marks the largest logistics transaction of the year so far.

This long-term lease, exceeding 10 years, signals an increasing demand for high-quality logistics infrastructure from India’s green energy sector. To accommodate operational customization, the facility was handed over for fit-outs on March 25, with four months allotted for interior modifications. According to documents accessed through CRE Matrix, the rent commencement date, including a three-month rent-free window, is set for November 25, 2025.

RenewSys India, a leading integrated solar PV modules manufacturer, will pay an initial rental of ₹1.44 crore per month for the facility. The lease agreement includes structured rental escalations – a 15% hike after the first 36 months, followed by a 5% annual increase for the remaining term.

The lease also incorporates a five-year lock-in for IndoSpace and a full-term lock-in for RenewSys. This highlights a strong mutual commitment and operational continuity.

Common area maintenance (CAM) charges have been set at ₹1.06 per sq ft per month, with an annual escalation of 5%. During the fit-out phase, CAM charges are significantly lower, at just ₹0.25 per sq ft per month.

This leasing deal is not just about space – it’s about strategic expansion. RenewSys will use the Khalapur facility as a key logistics hub to support its manufacturing units in Hyderabad, Bengaluru, and Panvel. The company continues to scale its operations to meet both domestic and international solar energy demands.

The deal underlines the growing popularity of India’s warehousing and logistics sector. With industries like renewable energy, e-commerce, manufacturing, and 3PL driving demand, long-term leasing has become more common. This reflects tenant confidence and market evolution.

Backed by favorable government policies, infrastructure upgrades, and a robust consumption-driven economy, India’s logistics sector is now aligning with global standards – ready to power the next wave of industrial growth.

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Adani Group Buys Premium Land on South Mumbai’s Carmichael Road

Adani Group Buys Land Parcel

In a significant real estate transaction, the Adani Group has acquired a premium land parcel spanning more than 1.1 acres in South Mumbai’s ultra-affluent Carmichael Road, nestled in the prestigious Malabar Hill locality. According to the documents accessed by CRE Matrix, the deal, valued at over ₹170 crore, was executed through the Group’s subsidiary, Mah-Hill Properties. 

The plot currently hosts an old residential cottage with a built-up area of 2,760 sq ft. Located in a highly sought-after area, the plot is one of the last few sizeable freehold properties available. The transaction was registered on March 27, with the buyer paying a stamp duty exceeding ₹10.46 crore.

While it remains unclear whether the Adani Group intends to develop a high-rise or a luxury bungalow on the site, the strategic value of the location is undeniable. The property was previously tied up in legal disputes, which have now been resolved through court-accepted consent terms – clearing the path for a clean acquisition.

Carmichael Road in Malabar Hill symbolizes legacy, wealth, and elite status. Home to influential business families and top corporate leaders, the area is known for its heritage bungalows, breathtaking views of the Arabian Sea, and proximity to key financial districts. With property prices among the highest in India, any development on this rare parcel is bound to attract attention from the high-profile buyers and investors.

This acquisition further solidifies Adani Group’s position in India’s high-value real estate landscape. It reflects the Group’s growing interest beyond infrastructure and industry, extending into strategic urban development.

Recent Transactions

Mumbai’s real estate market has seen a surge in significant land transactions lately. This highlights strong investor confidence and the city’s continued appeal. The dynamic pace of urban growth and the rising demand for premium land parcels are reflected in these high-value transactions.

In a recent transaction, Landmark Developers and Sobha Ltd. acquired a 2.11-acre land parcel on Jerbai Wadia Road, Parel, for ₹423.38 crore. In another transaction, K Raheja Corp acquired a 5.75-acre parcel of land in the eastern district of Kandivali, Mumbai, for approximately ₹466 crore.

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