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

08 May 2025 CW Team

Phoenix Mills, India’s largest mall operator, plans to expand its retail portfolio from 11.5 million square feet to over 14 million square feet by 2027 and 18 million square feet by 2030. The growth will be driven by new developments in cities such as Kolkata, Surat, Coimbatore, Thane and Chandigarh.

In financial year 2024–25, the firm spent approximately Rs 26 billion on acquiring development potential and construction activities. It expects to invest Rs 12 billion to Rs 13 billion annually for expansion. Notably, Rs 16 billion was allocated to land acquisitions in Coimbatore, Chandigarh, Bengaluru and Mumbai, while Rs 10 billion was directed towards construction.

Phoenix Mills also aims to add four hundred thousand square feet to its Lower Parel property within two years. In the commercial office segment, the company intends to grow from three million to seven million square feet by 2027, with ongoing leasing discussions for one point two to one point four million square feet in Pune, Bengaluru and Chennai.

In hospitality, the company plans to add four hundred hotel keys, raising its total to 988 by 2027. It is also exploring broader diversification of its real estate projects to support long-term growth.

Source:The Financial Express

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