PVR Inox Secures 43500 Sq Ft Retail Space At Borivali Sky City Mall

Mumbai’s retail and entertainment landscape is witnessing a significant boost as PVR Inox Ltd secures 43,534 sq ft of retail space at Sky City Mall, Borivali, under a 15-year lease agreement with Oberoi Realty. Registered on 9 July 2025, the deal reflects growing investor confidence in Mumbai’s suburban retail corridors and underscores Borivali’s emergence as a key commercial hub.

The lease, formalised with a monthly rent of ₹9.14 million or 20 per cent revenue share biannually—whichever is higher—includes a security deposit of ₹109.7 million with a 15 per cent top-up every 36 months. Officials confirmed a five-year lock-in period and a 15 per cent rent escalation every three years, ensuring both stability and long-term value for the landlord and tenant. Fit-out access was granted in March 2024, with rent commencement effective from 30 July 2025. This strategic retail move coincides with the inauguration of a 10-screen megaplex in the mall on 22 August. Spread over 43,500 sq ft, the multiplex offers seating for 1,372 patrons, complemented by premium foyers, lounges, and technology-enabled auditoriums. According to cinema industry experts, such experiential design positions the venue as a “destination where technology, luxury, and immersive storytelling converge,” appealing to both families and youth audiences.

Sky City Mall represents Oberoi Realty’s second venture in Mumbai, following its Goregaon East property, and is part of the larger 25-acre Sky City mixed-use project developed by Incline Realty Pvt Ltd, featuring 1.21 million sq ft of gross leasable area. Real estate analysts note that PVR Inox’s lease, along with other marquee agreements in the vicinity, reinforces the suburb’s growing commercial prominence. In May 2025, Apple India leased 12,616 sq ft in Borivali under a similarly structured revenue-sharing model with a long-term lock-in, highlighting increasing corporate interest in suburban Mumbai. Experts suggest that these transactions reflect a broader trend: brands are prioritising locations offering integrated lifestyle, retail, and entertainment ecosystems to attract footfalls beyond traditional city centres.

Commercial property officials assert that Borivali’s rising stature as a retail and entertainment destination strengthens Oberoi Realty’s positioning in Mumbai’s competitive market. The combination of premium design, strategic location, and long-term leases is seen as a model for sustainable retail growth, with emphasis on optimised energy use, eco-friendly infrastructure, and enhanced accessibility for diverse audiences. With Borivali gaining attention from national and international brands, the suburb is expected to witness further high-value leases, expanding its role as a vibrant suburban commercial hub. Analysts conclude that the Sky City development represents a blueprint for integrated, future-ready retail destinations that balance investor returns with urban sustainability and community engagement.