Thu, 15 Oct, 2026, 12:54 pm
Reported by Hindustan Times
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.
