Apple’s first Noida store opens tomorrow at DLF Mall of India; it spans 8,240.78 sq ft, with an 11-year rent of ₹65 cr

The Noida outlet will be Apple’s second in Delhi-NCR, after Saket. Other stores are in Mumbai BKC, Pune’s Koregaon Park and Bengaluru’s Phoenix Mall of Asia

Apple, which is set to open its fifth retail store in India on December 11, adding Noida to its rapidly expanding retail footprint, has leased 8,240.78 sq ft for 11 years at a full tenure rent of approximately ₹65 crore, according to sublease documents accessed by CRE Matrix.

Apple, set to open its fifth India store in Noida on December 11, has leased 8,240.78 sq ft for 11 years at a total rent of about ₹65 crore. (Representational image)

The iPhone maker’s upcoming outlet at DLF Mall of India will mark the company’s second official store in the Delhi NCR region, following its store in Saket.

According to the sublease document shared by CRE Matrix, Apple has leased six units on the ground floor of the Noida mall, totalling approximately 8,240.78 sq ft (carpet area) of retail space, at ₹263.15 per sq ft per month for an 11-year period which includes one year of rent free period. The monthly rent amounts to around ₹45.3 lakh, translating to an annual rent of roughly ₹5.4 crore. Over the full 11-year tenure, the rent amounts to approximately ₹64.9 crore, as per the sublease deed between Apple India Private Ltd and Paliwal Real Estate Limited.

The documents also indicate a 15% rent escalation every three years. The sublease deed was signed on February 25, 2025, the documents showed.

Queries have been sent to both Apple India Private Ltd and DLF for Paliwal Real Estate Limited. The story will be updated if a response is received.

This strategic location underscores Apple's confidence in Noida's growing market potential and regional significance, according to retail experts.

Apple stores in India are located in Mumbai’s Bandra Kurla Complex, Delhi’s Saket City Mall, Pune’s Koregaon Park and Bengaluru’s Phoenix Mall of Asia in North Bengaluru’s Hebbal.

The rent reflects Apple’s strong brand pull and the footfalls it draws. Prevailing rents for smaller stores in the Noida mall typically range from ₹500 to ₹700 per sq ft. Larger stores, however, are usually leased at lower rates due to size and stronger negotiation leverage, retail experts told Hindustan Times Real Estate.

They stated that almost all stores, except those in Mumbai’s BKC, are within the 8,000–9,000 sq ft range, demonstrating uniformity in store size across India, which supports brand consistency.

The rent for Apple’s Noida store amounting to around ₹45 lakh per month is comparable to the effective rent the company pays in Saket, experts said.

The Noida store location benefits from a vast regional catchment covering Ghaziabad, Greater Noida, South Delhi, Agra, Mathura and several emerging demand hubs, retail experts said.

DLF Mall of India, Noida’s largest mall at nearly two million sq ft, is more than twice the size of Select Citywalk in Saket and remains the only centre of its scale and category in the region. The area is also set for a major boost with IKEA expected to open in Sector 52 by 2030.

Similar to the recent Apple Hebbal in Bengaluru and Apple Koregaon Park in Pune openings, the Noida store barricade also flaunts Apple’s peacock-inspired launch campaign with vibrant feathers. Apple says peacock feathers represent “a timeless symbol of pride and creativity.”

According to a report by Cushman and Wakefield titled 'Noida: The Runway for Growth,' the rental premium for Grade A-plus malls in Noida, compared to Grade A malls, was almost 48% in 2017, which has now expanded to 85% in 2025. Between 2017 and 2025, Grade A plus malls led the market in rental growth, rising from ₹225 to ₹330 per sq ft, a robust 47% increase. The category has witnessed an uptick since 2021, aligning with increased demand for premium retail experiences.

Apple stores in India

The first Apple store in Delhi’s Select City Walk in Saket opened in 2023. According to documents shared by CRE Matrix, the Apple store in Delhi's Saket is 8,417.83 sq ft, while the Apple BKC store in Mumbai spans 20,000 sq ft.

A media report stated that on July 18, 2022, Apple India and Select Infra had signed a 10-year agreement for the Apple store located on the first floor of the Select City mall in Delhi. Additionally, the report stated that Apple has the option to renew the lease for another 5 years if a notice of six months is served. The tech firm is paying 40 lakh per month for the Delhi store; however, for Mumbai, it is paying around ₹42 lakh per month for more than double the area.

In September 2025, Apple opened its much-anticipated retail outlet at the Phoenix Mall of Asia in North Bengaluru’s Hebbal, marking the company’s third official store in India, following Apple BKC in Mumbai’s Bandra Kurla Complex and Apple Saket in Delhi, both launched in 2023.

The Bengaluru store spans 7,997.8 sq ft under a 10-year lease signed in November 2024. According to documents accessed by Propstack, rent payments commenced in August 2025 at an annual rate of ₹2.09 crore, with Apple placing a security deposit of ₹1.046 crore. Both rent and deposit will increase by 15% every three years. Alongside the fixed lease, Apple has also agreed to a revenue-sharing model, with a rate of almost 2% of revenue for the first 36 months and 2.5% thereafter. However, revenue share payments are capped at twice the value of the applicable yearly minimum guaranteed rent, as shown in the document.

In December 2024, Apple India signed one of the country’s most expensive commercial lease agreements, securing 6,526 square feet of space at the Bandra Kurla Complex (BKC) in Mumbai. The space, located in Maker Maxity-5, came at a staggering rental rate of ₹738 per square foot per month. The five-year lease translated into a monthly outgo of ₹48.19 lakh, with Apple placing a hefty security deposit of ₹4.33 crore at the time of signing. The arrangement also included two lock-in periods, the first ending on December 31, 2027, and the second a year later, on December 31, 2028, ensuring stability for both the landlord, Agni Commex LLP, and the tenant, as per documents shared by Propstack.