Inox leases 1 lakh sq ft space at upcoming Oberoi Realty mall in Mumbai
Inox Leisure, India’s second largest multiplex chain, has signed a lease agreement with Oberoi Realty for 1 lakh sq ft space in the developer’s under-construction mall in Mumbai’s western suburb Borivali.
The lease runs for 15 years, said two persons familiar with the development. Inox is planning to develop one of the largest multiplexes in the country with up to 15 screens, which will include standard as well as premium formats such as Insignia, IMAX, and Kiddles.
As per the industry sources, Inox may end up spending Rs 50-60 crore on the multiplex alone. According to the deal terms, the multiplex chain will pay rentals of Rs 275 per sq ft per month with an escalation clause for every three years, taking the total lease pay-out to over Rs 500 crore.