In a significant move for the Mumbai real estate and entertainment sectors, PVR Inox Ltd has secured a 15-year lease for a massive 43,534 sq ft retail space in Oberoi Realty’s newly opened Sky City Mall in Borivali. The lease agreement, registered on July 9, 2025, requires a monthly rent of ₹91.42 lakh or a 20% revenue share, whichever is higher, along with a security deposit of ₹10.97 crore.
According to property registration documents acessed by SquareFeatIndia, the deal includes a five-year lock-in period and a 15% rent escalation every 36 months. While PVR Inox was granted access for fit-outs in March 2024, the rent officially commenced on July 30, 2025.
The leasing agreement precedes the recent launch of a state-of-the-art 10-screen megaplex by PVR Inox at the mall. Announced on August 22, 2025, the new cinema spans approximately 43,500 sq ft and has a combined seating capacity of 1,372 seats across its uniquely designed auditoriums, foyers, and lounges.
A Similar Deal for Apple
The PVR Inox transaction follows a similar high-profile deal in the same area. In May 2025, Apple India leased a 12,616 sq ft space for its second store in Maharashtra and fourth in the country. This agreement, with landlord Incline Realty Pvt Ltd (a subsidiary of Oberoi Realty), also includes a revenue-sharing clause.
Apple will pay a monthly rent of ₹17.35 lakh and a revenue share of 2% for the first 42 months, which will increase to 2.5% from the 43rd month onward. The lease for the Apple store is for nearly 11 years (130 months), with a security deposit of ₹1.04 crore and a rent escalation of 15% every three years. The lease has a lock-in period of 10 years and 10 months.
About Sky City Mall
Developed by Oberoi Realty, the Sky City Mall officially opened in March 2025. Located in Borivali East, it is the company’s second mall in Mumbai after the Oberoi Mall in Goregaon. The mall, part of a 25-acre mixed-use project, has a gross leasable area of approximately 12.07 lakh sq ft and is set to become a major retail and entertainment hub for the city.
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