PVR Inox Secures 15-Year Lease for 10-Screen Theatre in Mumbai's Sky City Mall
PVR Inox has signed a 15-year lease for a 10-screen theatre at Sky City Mall in Borivali, Mumbai, reinforcing its commitment to the city's entertainment market.
Pvr InoxSky City MallBorivaliMumbai Real EstateRetail LeasingReal Estate MumbaiAug 24, 2025
PVR has agreed to pay a monthly rental of ₹91.42 lakh or 20% revenue share biannually, whichever is higher, as per the documents. A security deposit of ₹10.97 crore has been paid, and the agreement includes a clause for a 15% security deposit every 36 months. The transaction has a lock-in period of five years, and the rent will escalate by 15% every 36 months.
While PVR Inox was given access to the space 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 company announced the opening of a 10-screen megaplex in Mumbai with a combined capacity of 1,372 seats on August 22, 2025.
The megaplex, spread across 43,500 sq ft, includes foyers, lounges, and 10 uniquely designed auditoriums. PVR INOX Managing Director Ajay Bijli emphasized the significance of this project, stating, '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 added, '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.'
Similarly, Apple India has also made a significant move in the same suburb. In May 2025, Apple leased 12,616 sq ft of retail space in Borivali for a monthly rent of ₹17.35 lakh, preparing to launch its second store in Maharashtra and fourth in the country. The deal includes a revenue-sharing clause, with Apple paying 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.
Sky City Mall, developed by Incline Realty Private Limited, a wholly-owned subsidiary of Oberoi Realty, opened its doors in March 2025. This is the second mall by Oberoi Realty in Mumbai, following the success of Oberoi Mall in Goregaon East. The mall boasts a gross leasable area (GLA) of approximately 12.07 lakh sq. ft., equivalent to a leasable carpet area of approximately 7.24 lakh sq. ft. It is part of the 25-acre mixed-use project 'Sky City,' which is set to transform the retail and commercial landscape of Borivali.
The opening of Sky City Mall, coupled with the presence of major brands like PVR Inox and Apple, is expected to drive property prices and attract more foot traffic to the area, making it a hub for entertainment, shopping, and dining.
Frequently Asked Questions
What is the size of the space leased by PVR Inox at Sky City Mall?
PVR Inox has leased 43,534 sq ft of retail space at Sky City Mall in Borivali, Mumbai.
How long is the lease agreement between PVR Inox and Oberoi Realty?
The lease agreement is for a period of 15 years.
What is the monthly rental for the leased space?
The monthly rental for the leased space is ₹91.42 lakh or 20% revenue share biannually, whichever is higher.
What is the capacity of the new 10-screen theatre by PVR Inox?
The new 10-screen theatre by PVR Inox has a combined capacity of 1,372 seats.
What is the gross leasable area of Sky City Mall?
The gross leasable area (GLA) of Sky City Mall is approximately 12.07 lakh sq. ft.
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