Japanese home furniture retailer Nitori India leased around 5,371 sq ft of space at Sky City Mall in Mumbai's Borivali for a monthly rent of ₹20 lakh, according to property registration documents accessed through Propstack. This will be Nitori's second store in India, following the opening of its first store in R City Mall a year ago.
The lease, executed with the landlord Incline Realty Private Limited (Oberoi Realty) is for a tenure of five years, or 60 months. The leave and licence agreement commenced on July 2, 2026, and was registered on July 15, 2026, the documents show.
The leased premises, spread across four units on the lower ground floor of the mall, have a chargeable area of approximately 5,371 sq ft (498.98 sq metres). The monthly rental works out to around ₹372 per sq ft, documents show.
Under the terms of the agreement, the rent will increase by 15% after the first three years, taking the monthly outgo from ₹20 lakh to ₹23 lakh for the remaining 24 months of the lease. The agreement also provides for a security deposit of ₹2.40 crore for the initial 36 months, which will increase to ₹2.76 crore for the final two years.
Nitori, a Japanese home furnishing and furniture retailer, is known for products spanning furniture, home décor and household essentials. Its presence in India forms part of the company's international expansion, as it seeks to reach consumers in markets beyond its home country.
{{/usCountry}}Nitori, a Japanese home furnishing and furniture retailer, is known for products spanning furniture, home décor and household essentials. Its presence in India forms part of the company's international expansion, as it seeks to reach consumers in markets beyond its home country.
{{/usCountry}}An email query was sent to Oberoi Realty and Nitori India Private Limited. The story will be updated if a response is received.
However, in a joint statement issued on October 15, Oberoi Realty and Nitori India confirmed the opening of the store.
"We are pleased to open our second store in India at Sky City Mall, marking another important step in our journey in the Indian market. India is an important market for NITORI, and we see significant potential to bring our approach to furniture and home furnishings to more customers here. With our focus on design, functionality and value, we look forward to offering products that make everyday living more comfortable and enjoyable," said Toshiyuki Shirai, COO, Representative Director and President, Nitori.
"We are pleased to welcome Nitori to Sky City Mall. With its distinctive Japanese design philosophy, functional approach and accessible pricing, the brand brings an interesting new dimension to our home and lifestyle offering. Its arrival ahead of the festive season is particularly timely, as consumers look to refresh their homes and explore new ideas for everyday living," said Tanu Prasad, CEO – Malls, Oberoi Realty.
Earlier this year, Italian fashion brand OVS had leased over 11,000 sq ft of retail space in Sky City Mall at Borivali, Mumbai, for a total rent of around ₹28 crore for a period of five years, or 10 per cent of the company's revenue from the store, whichever is higher, according to property registration documents accessed by Propstack.
Apple India leased 12,616 sq ft of retail space in Mumbai’s Borivali suburb for a monthly rent of ₹17.35 lakh in May 2025, according to documents accessed by real estate data analytics firm Propstack.
In July 2025, PVR Inox Ltd had taken 43,534 sq ft of retail space in Sky City Mall, Borivali, on a 15-year lease from Oberoi Realty, according to property registration documents accessed by CRE Matrix.
PVR has leased the space for a monthly rental of ₹91.42 lakh or 20% revenue share biannually, whichever is higher, documents show.
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All about Sky City Mall in Mumbai
Oberoi Realty announced the opening of its second mall, Sky City Mall, in Mumbai's Borivali in March 2025. This is the second mall by Oberoi Realty in Mumbai, after Oberoi Mall in Goregaon East. The mall, with a gross leasable area (GLA) of approximately 12.07 lakh sq. ft., equivalent to approximately 7.24 lakh sq. ft. of leasable carpet area, is part of the 25-acre mixed-use project ‘Sky City’ developed by Oberoi Realty.