PVR Inox Secures 15-Year Lease for 10-Screen Theatre at Sky City Mall in Mumbai
PVR Inox has signed a 15-year lease for a 10-screen theatre at Sky City Mall in Borivali, Mumbai, marking a significant expansion in the city's entertainment sector.
Pvr InoxSky City MallBorivaliMumbaiReal EstateReal EstateAug 24, 2025
The lease agreement stipulates a monthly rental of ₹91.42 lakh or 20% revenue share biannually, whichever is higher. A security deposit of ₹10.97 crore has been paid, with the transaction registered on July 9, 2025. The agreement includes a 15% security deposit clause every 36 months, a lock-in period of five years, and a rent escalation of 15% every 36 months.
While PVR Inox was granted access for fit-outs in March 2024, the agreement was officially registered on July 9, 2025, with the rent commencement date set for July 30, 2025. An email query sent to PVR Inox and Oberoi Realty did not receive a response, but the story will be updated if a response is received.
On August 22, PVR Inox announced the opening of a 10-screen megaplex in Mumbai, featuring a combined capacity of 1,372 seats. The megaplex, which spans 43,500 sq ft, includes foyers, lounges, and 10 uniquely designed auditoriums. PVR INOX Managing Director Ajay Bijli stated, “Mumbai continues to be a cornerstone market for us, and with this new launch under our capex model, we reaffirm our commitment to building aspirational cinemas that resonate with modern audiences.”
Bijli further emphasized, “This isn't just a new multiplex -- it's a vibrant, design-forward destination where technology, luxury, and youthful energy converge to create truly immersive storytelling spaces.”
Sky City Mall, developed by Oberoi Realty, is the company's second mall in Mumbai after the Oberoi Mall in Goregaon East. The mall, which has a gross leasable area (GLA) of approximately 12.07 lakh sq. ft. and a leasable carpet area of approximately 7.24 lakh sq. ft., is part of the 25-acre mixed-use project ‘Sky City’ developed by Incline Realty Private Limited, a wholly-owned subsidiary of Oberoi Realty.
The opening of Sky City Mall and the new PVR Inox megaplex are expected to significantly boost the local retail and entertainment landscape in Borivali, potentially driving property prices and attracting more foot traffic to the area.
In a similar development, Apple India leased 12,616 sq ft of retail space in Mumbai’s Borivali suburb in May 2025. The deal includes a monthly rent of ₹17.35 lakh and a revenue-sharing clause. Apple will pay 2% of its revenue from the store for the first 42 months and 2.5% from the 43rd month onwards. The lease period for the Apple India deal is for a total of 130 months (nearly 11 years), with a rent escalation of 15% every three years. Apple has also paid a security deposit of ₹1.04 crore, and the lease has a lock-in period of 10 years and 10 months, effective from the commencement date.
Frequently Asked Questions
What is the lease duration for PVR Inox at Sky City Mall?
PVR Inox has signed a 15-year lease for a 10-screen theatre at Sky City Mall in Borivali, Mumbai.
What is the monthly rental amount for PVR Inox at Sky City Mall?
The monthly rental for PVR Inox at Sky City Mall is ₹91.42 lakh or 20% revenue share biannually, whichever is higher.
What is the total capacity of the new PVR Inox megaplex in Borivali?
The new PVR Inox megaplex in Borivali has a combined capacity of 1,372 seats across 10 screens.
What is the gross leasable area of Sky City Mall?
Sky City Mall has a gross leasable area (GLA) of approximately 12.07 lakh sq. ft.
What is the revenue-sharing clause for Apple India's lease in Borivali?
Apple India will pay 2% of its revenue from the store for the first 42 months and 2.5% from the 43rd month onwards.
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