Mumbai shoppers get new mall spanning 12.07 lakh sq ft in Borivali
Oberoi Realty has announced the opening of its second mall in Mumbai’s Borivali, named Sky City Mall.
This is the second mall by Oberoi Realty in Mumbai after Oberoi Mall in Goregaon East, Mumbai.
The mall is part of the Oberoi Sky City project, which Oberoi Realty is constructing on the Western Express Highway (WEH) in Borivali East, Mumbai, the company said in a regulatory filing.
“We write to inform you about the soft launch of the mall property by the name ‘Sky City Mall’ situated at Borivali East, Mumbai, and that the same has been opened for public from March 15, 2025,”
The company added, “The said mall, having a gross leasable area (GLA) of approximately 12.07 lakh sq. ft. equivalent to the leasable carpet area of approximately 7.24 lakh sq. ft., is part of the 25-acre mixed-use project under the name of ‘Sky City’ developed by Incline Realty Private Limited, a wholly-owned subsidiary of the company.”
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Several retail brands are expected to have their stores in the mall, with film exhibitor- INOX already putting up hoardings about its presence in the Sky City Mall. According to market sources, several big brands are in the talks or have already signed deals to open their stores.
All about the mall and its impact
In its analysis, equity research firm ICICI Direct said that the soft launch is broadly in line with the company’s mid-February to early March launch guidance. “Subsequently, it would launch the third tower at Sky City Park immediately. We have a buy rating on the stock,” the analysis said.
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Motilal Oswal, in its March 2023 research report, said that 3,200 families are likely to reside in the vicinity with easy access to the mall. The mall will also be connected with both exit points of the Metro line, which will drive more catchments.
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It added, “(Theatre chain) INOX has already come on board as one of the anchor tenants with a 10-screen multiplex, and the leasing for the balance area will commence soon. The mall is likely to stabilize by FY25, and it has the potential to generate annual rentals of ₹2.5 billion.”
Meanwhile, in February 2024, Oberoi Realty announced that it entered into an agreement with Marriott International to develop two hotel properties. These include JW Marriott Hotel Thane Garden City and Mumbai Marriott Hotel Sky City in Borivali, just next to the Sky City Mall, both set for completion in 2027-2028, the company said.
