Mumbai: PVR Inox Leases 43,534 Sq Ft, To Pay ₹91 Lakh Monthly Rent In Borivali’s Sky City Mall

PVR Inox Ltd has leased 43,534 sq ft of retail space in Sky City Mall, Borivali, for a period of 15 years from Oberoi Realty, according to property registration documents accessed by CRE Matrix.

The cinema chain has taken the space at a monthly rent of ₹91.42 lakh or 20% of revenue on a biannual basis, whichever is higher, the documents show. PVR Inox has also paid a security deposit of ₹10.97 crore for the transaction, which was registered on 9 July 2025. The agreement includes a clause mandating a 15% increase in security deposit every 36 months.

The deal comes with a lock-in period of five years, and the rent will escalate by 15% every 36 months. While the company was given access to the space for fit-outs in March 2024, the agreement was formally registered in July 2025. The rent will commence from 30 July 2025, according to the filings.

On 22 August, PVR Inox announced the opening of a 10-screen megaplex at the Borivali mall with a total seating capacity of 1,372. Spread across 43,500 sq ft, the megaplex includes foyers, lounges, and uniquely designed auditoriums.

“This isn’t just a new multiplex—it’s a vibrant, design-forward destination where technology, luxury, and youthful energy converge,” said Ajay Bijli, Managing Director of PVR Inox, in a PTI statement.

An email query sent to PVR Inox and Oberoi Realty remained unanswered at the time of publishing.

Meanwhile, Apple India signed a similar revenue-linked lease in Borivali in May 2025, taking 12,616 sq ft of retail space for its upcoming store.

(With PTI Inputs)