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Fashion brand OVS leases retail space spanning over 11,000 sq ft at Sky City Mall in Borivali, Mumbai
Mumbai real estate: Italian fashion brand OVS has leased a retail space in Sky City Mall in Borivali for five years for a monthly rent of over ₹41 lakh
Italian fashion brand OVS has 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.
The space is located on the ground floor of Sky City Mall and is leased for five years, from March 2026 to February 2031. The lease transaction has a 30-month lock-in period, according to the documents.
The total carpet area of the retail space is 11,158 sq ft, and the per-month rent for the first 12 months is ₹41.84 lakh, followed by ₹44.63 lakh for the next 24 months, and ₹51.32 lakh for the last 24 months, or 10 per cent revenue during the particular month, whichever is higher, according to the property registration documents.
The security deposit for the transaction is ₹4.18 crore for the first 12 months and goes up to ₹5.13 crore towards the last two years of the lease period, the documents show.
The transaction was registered on October 27, 2025, for which a stamp duty of ₹8.34 lakh and a registration fee of ₹1,000 were paid, the documents show.
A media report had said earlier that OVS plans to expand into India, and open at least five outlets by 2027 as part of a phased rollout. The company leased 9,000 sq ft of space at Pacific Mall, Delhi, last year, the report said.
An email query has been sent to Oberoi Realty and OVS India Retail Private Limited. The story will be updated if a response is received.
Also Read: Top real estate deal in Mumbai's suburbs: 4 BHK apartment in Borivali sells for ₹14 crore at ₹56,000 per sq ft
Apple Store in Sky City Mall
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.
The lease commenced on May 8, 2025, and covers a ground-floor unit of Sky City Mall with a carpet area of 12,616 sq ft, along with an additional 150 sq m of storage space and five designated car parking slots, the documents showed.
Apple will pay an annual rental of about ₹2.08 crore, and the agreement includes a revenue-sharing clause under which Apple will pay 2% of its revenue from the store for the first 42 months and 2.5% from the 43rd month onward.
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.
Also Read: Mumbai real estate: Will the Apple store and Sky City Mall drive property prices in Borivali?
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 Incline Realty Private Limited (Oberoi Realty).
