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.

Also Read: Amitabh Bachchan buys 2 flats next to son Abhishek’s Borivali Homes

The post PVR Inox Leases Space in Oberoi Sky City Mall, Borivali, for ₹91.42 Lakh Monthly Rent or 20% Revenue Share appeared first on Square Feat India.

The retail sector’s unprecedented growth amid favourable economic factors and rising affluence has translated into impressive mall space leasing in H1 2024, finds the ANAROCK Retail RELEAP report for this period. Mall vacancies are now at just 8.3%, down from 15.5% in 2021 as demand continually outstrips supply.

Mall Vacancies

Source: ANAROCK Research

Anuj Kejriwal, CEO & MD – Retail, Industrial & Logistics – ANAROCK Group, says, “Vacancy in prominent malls continues to be on the decline owing to limited supply and robust leasing. Superior malls across the country are operating almost full capacity. Major national and global brands are keen to take up quality spaces in successful malls and high streets across cities.”

Source: ANAROCK Research

The Apparel & Accessories and Food & Beverages categories remain the dominant segments – however, exclusive stores for watches & jewellery have also witnessed remarkable growth during the year – accounting for nearly 6% of the total retail leasing volume.

“Retailers and brands continue to prefer smaller spaces as nearly 70% of the leases were for spaces admeasuring up to 2,500 sft,” says Kejriwal. “That said, as fresh supply gets added in the coming years, larger spaces will garner an increasing share of total leased area. The highest share of upcoming supply is planned in NCR, MMR, and Hyderabad in the next 4/5 years. Together they account for over 85% of the total incoming supply.”

In the meantime, rental values across prominent high streets are on the rise – and are expected to continue the ascend till quality new supply is added.

Top marquee deals (based on total area leased)

The first half of the current year mirrored the leasing momentum seen in the past two years, with over 3 million sft leased across the country’s major cities. The next few years will witness major supply addition across all these cities, with the NCR accounting for the majority.

Also Read: Inorbit Malls in Hubli

The post Mall Vacancy Levels Down to 8.3% in H1 2024 amid Robust Leasing, Limited Supply appeared first on Square Feat India.

The primary focus of the development will be on residential units, complemented by commercial and retail spaces. Located in the vibrant suburb of Bhandup, the site offers exceptional connectivity to major commercial hubs in Mumbai, with easy access to the Jogeshwari-Vikhroli Link Road, the Eastern Express Highway, and convenient train and metro links.

The deal was facilitated by ANAROCK Capital, with legal advice provided by Khaitan & Co.

K K Bangur, Chairman of GKW, expressed confidence in the partnership, stating, “This transaction aligns with our vision to expand our footprint in the real estate sector. We are excited to collaborate with Mahindra Lifespace Developers to create a world-class, mixed-use development that will add significant value for our shareholders.”

GKW, formerly known as Guest Keen Williams Limited, is primarily engaged in warehousing and logistics solutions and owns a significant land bank, including large parcels in Kolkata and Bhandup. This latest venture in Mumbai marks a significant step in the company’s ongoing expansion into real estate development.

Also Read: ANAROCK Raises ~INR 200 Cr (USD 25 Mn) Funding from 360 ONE Asset

The post GKW Partners with Mahindra Lifespace Developers for Major Mixed-Use Development in Bhandup, Mumbai appeared first on Square Feat India.

Among the leading cities, Hyderabad, Delhi NCR, and Mumbai recorded the highest leasing volumes, collectively representing 70% of the leasing activity on main streets. The demand for retail space in these locations has pushed rental rates upward, particularly in Delhi NCR, Bengaluru, Chennai, and Kolkata, where rents surged by up to 15% year-over-year.

Rental Growth Across Prominent Main Streets

The report outlines the year-over-year rental growth across various prominent main streets:

• Delhi NCR: 13-15% increase
• Bengaluru: 12-14% increase
• Chennai: 12-14% increase
• Kolkata: 12-14% increase
• Mumbai MMR: 5-7% increase
• Pune: 1-3% increase
• Hyderabad: No significant change
• Ahmedabad: 8-10% increase

In contrast to the strong performance of main streets, retail leasing in malls has remained relatively subdued, constituting just 32% of the total leasing activity. The absence of new mall supply in Q3 2024, coupled with tightening vacancy rates in existing Grade-A malls, has contributed to a more cautious leasing outlook in the mall segment.

Tightening Mall Vacancies

Across major cities, Grade-A mall vacancy rates have continued to tighten, driven by increasing demand, especially from international brands. Foreign brands now account for nearly 30% of leasing activity in malls for the year-to-date period in 2024.

In Q3 2024, the following cities saw the most significant declines in Grade-A mall vacancies:

• Mumbai MMR: 0.89%, down by 18 basis points
• Delhi NCR: 13.91%, down by 33 basis points
• Bengaluru: 5.35%, down by 213 basis points
• Pune: 6.49%, down by 125 basis points
• Hyderabad: 1.50%, down by 137 basis points
• Chennai: 1.74%, down by 17 basis points
• Kolkata: 2.69% (no change)
• Ahmedabad: 11.75%, down by 122 basis points

With vacancy rates tightening in Grade-A malls, demand from international retailers remains high. Notably, foreign brands represented approximately 15% of the overall leasing volume in 2024.

Projected Supply and Leasing Activity

Looking ahead to Q4 2024, approximately 1.8 million square feet of Grade-A malls are set to open, primarily in Mumbai, Delhi NCR, and Pune, providing new opportunities for retailers. This upcoming supply is expected to help alleviate the tightening vacancy rates, though the demand-supply imbalance may persist for some time.

Regional Market Highlights

• Delhi NCR: Retail leasing activity reached 0.3 million square feet in Q3, with Gurugram leading the charge, accounting for 44% of the leasing volume. Main street rentals in Galleria Market in Gurugram saw a remarkable 20% growth both quarter-over-quarter and year-over-year. In Khan Market, rentals also jumped 7% during the same period.
• Mumbai: The city’s retail sector saw leasing volumes of 0.16 million square feet in Q3, a 76% increase from the previous year. Prominent suburban malls accounted for the majority of this activity, contributing 64% of the total leasing volume.
• Bengaluru: With 0.2 million square feet of retail leasing in Q3, Bengaluru recorded a 10% year-over-year growth. Main street leasing contributed 56% of the total leasing volume, with notable growth seen in high-street locations.
• Chennai: Main street leasing in Chennai surged by 28% quarter-on-quarter and 57% year-over-year. However, leasing in malls was limited, reflecting the lack of quality space in the market. Main street rentals in areas like Anna Nagar and Pondy Bazaar saw a strong 8-12% increase.
• Hyderabad: Retail leasing activity reached 0.49 million square feet, up 22.3% year-over-year. Main street rents rose by up to 10%, particularly in key areas like M.G. Road and Abids. The city’s Grade-A mall vacancy rate dropped to just 1.5%.
• Kolkata: Main streets continued to lead retail leasing activity, with limited Grade-A mall supply contributing to the ongoing demand. The overall vacancy rate in malls remained stable at 6.8% quarter-over-quarter.
• Pune: Retail leasing in Pune grew significantly in Q3, with mall leasing volumes increasing 85% from the previous quarter. Main street leasing saw a remarkable 104% jump quarter-over-quarter, particularly in established areas like NIBM Road.
• Ahmedabad: Retail leasing in Ahmedabad remained steady, with main street leasing totaling approximately 59,900 square feet. Malls saw a slight decline in leasing activity, though vacancy rates continued to tighten.

Future Outlook

Despite the slower leasing activity in malls during Q3 2024, the outlook for Q4 remains positive, with a significant influx of new Grade-A mall supply expected. This should help meet the growing demand for retail space, particularly from high-end international brands and expanding domestic retailers.

Saurabh Shatdal, Head of Retail and Managing Director, Capital Markets at Cushman & Wakefield, commented on the findings: “The Indian retail sector is evolving rapidly, with main streets driving high leasing due to limited mall supply. While malls saw a quieter quarter, we expect this gap to be addressed in Q4 with a strong influx of new Grade-A spaces. The evolving lifestyles of Indian consumers, especially in fashion, food & beverage, and accessories, are also playing a pivotal role in shaping retail leasing trends.”

As the retail landscape continues to evolve, Cushman & Wakefield’s latest report underscores the ongoing growth of India’s main streets, alongside a promising supply pipeline that will help meet the growing demand for premium retail spaces across key urban markets.

Also Read: Indian retail sector booms: 5.3 million sq. ft leased in top 7 cities during first 9 months (Jan-Sept) of 2024

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