Mumbai’s retail real estate market continues to show strong momentum, especially in well-planned suburban hubs. In a significant development, OVS, a leading Italian fashion brand, has leased a large retail space at Oberoi Sky City Mall, reinforcing Borivali’s growing status as a premium shopping destination.
OVS Retail Lease Details at Sky City Mall, Borivali
According to property registration data accessed by Propstack, OVS has leased 11,158 sq ft of carpet area on the ground floor of Sky City Mall for a five-year period, starting from March 2026 to February 2031.
Key lease highlights:
Total leased area: 11,158 sq ft
Lease tenure: 5 years
Lock-in period: 30 months
Estimated total rental value: ~₹28 crore
Rent model: Fixed rent or 10% of monthly store revenue (whichever is higher)
Monthly rental structure:
₹41.84 lakh for the first 12 months
₹44.63 lakh for the next 24 months
₹51.32 lakh for the final 24 months
Security deposit:
₹4.18 crore for the first year
Rising to ₹5.13 crore during the final two years
This lease reflects the increasing preference of international brands for revenue-linked rental agreements, offering flexibility while aligning landlord and tenant interests.
Borivali has rapidly evolved into a high-potential retail zone due to:
Strong residential catchment
Direct connectivity via Western Express Highway
Presence of premium mixed-use developments
For OVS, this location provides access to a large, consumption-ready suburban audience, without the extreme rental pressures of South Mumbai.
Sky City Mall: Mumbai’s New Retail Powerhouse
Opened in March 2025, Sky City Mall is developed by Oberoi Realty and is the company’s second mall in Mumbai, after Oberoi Mall in Goregaon East.
Mall overview:
Gross leasable area (GLA): ~12.07 lakh sq ft
Leasable carpet area: ~7.24 lakh sq ft
Project size: Part of a 25-acre mixed-use township named Sky City
Developer entity: Incline Realty Private Limited (Oberoi Realty group)
The mall has quickly attracted global and national anchor tenants, strengthening its position as a long-term retail destination.
Other Major Leases at Sky City Mall
The strong leasing traction at Sky City Mall is further highlighted by recent high-profile deals:
Apple India at Sky City Mall
Apple India leased a 12,616 sq ft ground-floor retail unit in May 2025.
Monthly rent: ₹17.35 lakh
Annual rent: ~₹2.08 crore
Additional space: 150 sq m storage
Parking: 5 car parking slots
Revenue share:
2% for first 42 months
2.5% from the 43rd month onward
PVR Inox’s Long-Term Bet
In July 2025, PVR Inox Ltd leased 43,534 sq ft for a 15-year term.
Monthly rent: ₹91.42 lakh
Revenue share: 20% (biannual), whichever is higher
This deal underlines confidence in Borivali’s long-term footfall growth.
The OVS lease, along with Apple and PVR Inox deals, sends a clear signal:
Suburban malls are outperforming expectations
International brands are comfortable with revenue-sharing models
Borivali is emerging as a premium retail micro-market
For investors and developers, this trend confirms that well-located, mixed-use retail assets in Mumbai’s suburbs offer stable, long-term returns.
Final Thoughts
The entry of OVS into Sky City Mall marks another milestone in Mumbai’s evolving retail landscape. With strong anchor tenants, flexible leasing structures, and a growing consumer base, Borivali is no longer just a residential suburb—it’s becoming a retail destination in its own right.
As Mumbai real estate adapts to changing consumer behavior, deals like this highlight where the next wave of retail growth is headed.