Phoenix Mills to Increase Retail Space to 14 Million Sq Ft by 2027

Phoenix Mills, India's largest mall owner and operator, intends to grow its retail space from 11.5 million square feet to more than 14 million square feet by 2027 and 18 million square feet by 2030. The expansion will be supported by new development in cities like Kolkata, Surat, Coimbatore, Thane and Chandigarh.

Phoenix Mills to Triple Retail Space to 14 Million Sq Ft by 2027.  India's largest mall operator, Phoenix Mills, will triple its retail portfolio from 11.5 million square feet to more than 14 million square feet by 2027 and 18 million square feet by 2030. Expansion will be propelled by new launches in cities like Kolkata, Surat, Coimbatore, Thane and Chandigarh.

During financial year 2024–25, the company incurred around Rs 26 billion on land purchases and construction operations. It plans to invest Rs 12 billion to Rs 13 billion every year for growth. Interestingly, Rs 16 billion was invested in land purchases in Coimbatore, Chandigarh, Bengaluru and Mumbai, while Rs 10 billion was invested in construction.

Phoenix Mills also plans to increase four hundred thousand square feet on its Lower Parel property over two years. In the commercial office space, the company plans to expand from three million to seven million square feet by 2027, with ongoing leasing negotiations for one point two to one point four m illion square feet in Pune, Bengaluru and Chennai.

In hospitality, the firm intends to introduce four hundred additional hotel keys, bringing its count to 988 by the year 2027. It is also seeking to diversify its real estate projects more broadly in order to aid long-term expansion.