PVR INOX Ltd has expanded its footprint in Mumbai with a major leasing deal at Borivali’s Sky City Mall. According to property registration documents accessed by CRE Matrix, the cinema giant has leased 43,534 sq. ft. of retail space from Oberoi Realty for a 15-year term.
The agreement, registered on July 9, 2025, outlines a monthly rental of ₹91.42 lakh or 20% revenue share (biannually), whichever is higher. Additionally, PVR INOX has paid a security deposit of ₹10.97 crore, with a clause that mandates a 15% escalation every 36 months. The transaction also includes a five-year lock-in period, ensuring long-term stability for both parties.
Although the fit-out access was granted in March 2024, the rent commencement has been scheduled for July 30, 2025.
Coinciding with the lease registration, PVR INOX announced on August 22, 2025, the launch of a 10-screen megaplex at Sky City Mall. Spread across 43,500 sq. ft., the multiplex is designed to deliver a premium cinematic experience.
The megaplex features foyers, lounges, and 10 uniquely designed auditoriums with a combined seating capacity of 1,372. This opening marks another milestone in PVR INOX’s strategy of strengthening its presence in Mumbai’s suburban markets, where demand for modern entertainment infrastructure continues to rise.
The Borivali megaplex aligns with PVR INOX’s ongoing expansion plans as it consolidates its leadership position in the Indian multiplex industry. By entering into a long-term agreement with Oberoi Realty, the company ensures a strong foothold in one of Mumbai’s busiest suburban retail hubs.
With Borivali emerging as a vibrant residential and commercial catchment, the Sky City Mall megaplex is expected to attract significant footfall. This has further boosted the area’s retail and entertainment ecosystem.
Recent Transactions
Mumbai’s commercial real estate market continues to witness high-value transactions, with leading developers, corporates, and retailers securing premium spaces across the city. From long-term office leases to retail expansions, these deals highlight strong demand and confidence in Mumbai’s growth potential.
In a recent transaction, Global tech giant Apple leased 12,616 sq ft of premium retail space in Mumbai’s fast-growing suburb of Borivali. In another transaction, Tesla leased a 24,500 sq. ft space in Lodha Industrial and Logistics Park, Kurla West, to set up its first vehicle service center in India.
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