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PVR INOX, India's largest cinema exhibition company, has signed a 15-year lease for a 10-screen megaplex at the new Sky City Mall in Borivali, Mumbai. The company will pay a monthly rent of INR 91.42 lakh or a 20% share of its revenue, whichever is higher, and has paid a security deposit of INR 10.97 crore. The megaplex, which is part of a larger mixed-use development by Oberoi Realty, aims to reinforce Mumbai's position as a cornerstone market for the company and create a "lifestyle-centric experience" for modern audiences.
PVR INOX, India's largest cinema exhibition company, has signed a 15-year lease for a 10-screen megaplex at the new Sky City Mall in Borivali. The company, which was recently given access for fit-outs and began commercial operations on July 30, 2025, has leased a retail space of 43,534 square feet from Oberoi Realty. The megaplex, which has a combined seating capacity of 1,372, is part of a wider trend of premium brands expanding into Mumbai's suburban markets. Advertisement
The lease agreement, which was registered on July 9, 2025, stipulates a monthly rent of INR 91.42 lakh or a 20% share of its revenue on a biannual basis, whichever is higher. The deal also includes a lock-in period of five years and a 15% rent escalation every 36 months. A security deposit of INR 10.97 crore has also been paid as part of the transaction. The megaplex, developed under the "Capex by PVR INOX" model, is a direct investment by the company into building and operating a flagship cinema destination.
The PVR INOX megaplex is a key anchor tenant for the new Sky City Mall, which is part of a 25-acre mixed-use development by Oberoi Realty. The mall also has other prominent tenants, including Apple India, which signed a similar revenue-linked lease in May 2025.
This trend highlights the growing importance of Borivali as a premium retail hub, with retail brands expanding into the area to cater to the rising aspirations and disposable incomes of the local middle and upper-middle class. The development is positioning Borivali as a serious challenger to traditional retail hotspots like Andheri and Bandra.
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