Codenamed Sky City Mall, the million-and-a-half square feet mall is expected to generate rental of Rs350 crore
Oberoi Realty’s upcoming mall will likely have a soft launch in October this year, as per information accessed by IndiaRetailing from regulatory compliances by the company.
“The mall (Borivali) is near complete. We are doing deep cleaning at some places, we are doing last-mile finishes at certain other places. The cinema tenant is already in the property doing their fit-outs,” said Vikas Oberoi, chairman and managing director, Oberoi Realty in the fourth quarter financial year (FY) 2024 earnings call.
“We have also started signing term sheets. In fact, even there, we’ve had tremendous success and a lot of progress. We should be able to have a soft launch by October,” he added replying to an analyst query.
The million-and-a-half sq. ft. mall codenamed Sky City Mall is flanked by the Western Express Highway on one side and the Devipada metro station on the other.
The mall was supposed to open in October 2023 but got delayed by a year due to some reasons. IndiaRetailing was the first to report the expected date and details of the mall in 2023. Read more about it here.
An industry source confirmed to IndiaRetailing that “things are now back on track and there’s a flurry of activity there and something could be expected soon.”
Indiaretailing.com’s email to the mall representative seeking comments on the same remained unanswered.
As per broking firm Yes Securities’ first quarter FY24 analysis on the company, fit-outs by tenants were to begin by February-March this year to get “fully operational 2-3 months before the festive season.”
The shopping centre is part of a mixed development—Oberoi Sky City, an integrated township with residential development and a 5-star Hotel.
The mall, designed by architects Eco ID, has three basements and ground plus six floors, as per information on social media.
It will house a 15-screen multiplex spread across 1 lakh sq. ft. by PVR Inox which will include regular as well as premium formats as reported in the media.
The rents for the mall are expected to begin by October as well, as per the earnings call.
“Borivali Mall can generate close to Rs. 350 crore rental income,” as per a May 2023 report on Oberoi Realty by stock-broking form Sharekhan.
Oberoi Realty operates one other mall in the western suburbs of Mumbai at Goregaon East called Oberoi Mall. Launched in 2008, the 5.52 sq. ft. mall adjacent to the Western Express Highway has over 100 shopping outlets.
“Our annual footfall count is approximately 6.5 million, with 40% on weekdays and 60% on weekends. Weekends witness around 28,000 footfalls, while weekdays see about 18,000 visitors,” Sameep Pathak, chief executive officer-malls, Oberoi Realty told IndiaRetailing in an earlier interview.
