Mumbai-based Oberoi Realty is set to open a second mall in Mumbai's Borivali area named Sky City Mall by January 2025. The company's first project outside Mumbai Metropolitan Region (MMR) in Gurugram is also currently under approval and is expected to be launched by the first or second quarter of FY25-26, said Vikas Oberoi, MD and chairman of Oberoi Realty. This will be Oberoi Realty’s second mall in Mumbai after Oberoi Mall in Goregaon East.
The construction of the mall in Borivali is currently on and is part of its Oberoi Sky City project in Borivali. "Leasing is going on very, very well. We are hoping that we can launch our mall probably, maybe mid-December ideally, and want to catch the season, mid-December.
And if not, for sure within January is when we will be completely ready. My team tells me that we should be fully operational by -- or rather we should be ready by 15 November, but let's say, for any reason, if there is a delay, then maybe by like another 30 days and then we will be ready," Vikas Oberoi Chairman and MD of Oberoi Realty said during an investors’ call for Q2FY25. "So easing far beyond that (50%-60%) would be done, but everybody will be in that fit-out mode and so on and so forth by, let's say, within two to three quarters of our operations, we will reach a very high level of occupancy.
It could go up to 80%, 90% also," Oberoi added. Also Read: Oberoi Realty plans to come up with a 1.8 mn sq ft mall, a hotel and an office space in Mumbai Foray into G.
