PVR Inox Leases 43,500 Sq Ft at Sky City Mall, Borivali

26 Aug 2025 CW Team

PVR Inox Ltd has leased 43,534 sq ft of retail space in Sky City Mall, Borivali, from Oberoi Realty for a 15-year term, according to property registration documents accessed by CRE Matrix.

The agreement, registered on 9 July 2025, stipulates a monthly rent of Rs 9.14 million or 20 per cent revenue share biannually, whichever is higher. PVR Inox has paid a security deposit of Rs 109.7 million, with a 15 per cent top-up every 36 months. The transaction carries a five-year lock-in period and a 15 per cent rent escalation clause every three years. Although the company received fit-out access in March 2024, rent commencement is effective from 30 July 2025.

The announcement coincided with the launch of a new 10-screen megaplex in Mumbai on 22 August. Spread across 43,500 sq ft, the megaplex has a total seating capacity of 1,372, with foyers, lounges, and uniquely designed auditoriums. Managing Director Ajay Bijli described the launch as a “design-forward destination where technology, luxury, and youthful energy converge to create immersive storytelling spaces.”

Sky City Mall, Oberoi Realty’s second mall in Mumbai after Oberoi Mall in Goregaon East, opened in March 2025. The Borivali development forms part of the 25-acre Sky City mixed-use project by Incline Realty Pvt Ltd, with a gross leasable area of 1.21 million sq ft.

PVR Inox’s lease follows other big-ticket transactions in the area. In May 2025, Apple India leased 12,616 sq ft of retail space in Borivali for Rs 1.74 million monthly rent, with a revenue-sharing clause and a lock-in period of nearly 11 years.

The deals highlight Borivali’s rising prominence as a retail and entertainment hub, strengthening Oberoi Realty’s position in Mumbai’s commercial real estate market.

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