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

12 May 2025 CW Team

Phoenix Mills, India's largest owner and operator of malls, has outlined ambitious expansion plans aimed at increasing its retail space from the current 11.5 million square feet to over 14 million square feet by 2027 and eventually reaching 18 million square feet by 2030. The company stated that this growth would be driven by new developments in key cities such as Kolkata, Surat, Coimbatore, Thane, and Chandigarh.

In the financial year 2024–25, the company reported a capital expenditure of approximately Rs 26 billion, which was allocated toward land acquisitions and construction activities. It further conveyed its intention to invest Rs 12 billion to Rs 13 billion annually to fuel ongoing expansion. Of the total investment, around Rs 16 billion had been dedicated to land purchases in Coimbatore, Chandigarh, Bengaluru, and Mumbai, while ?10 billion had been directed toward construction.

Phoenix Mills also revealed plans to add 400,000 square feet of retail space to its Lower Parel property over the next two years. In addition to retail, the company is targeting significant growth in the commercial office segment, aiming to increase its office space from three million to seven million square feet by 2027. Leasing discussions are currently underway for approximately 1.2 to 1.4 million square feet in Pune, Bengaluru, and Chennai.

In the hospitality sector, the company plans to introduce 400 more hotel keys, raising its total inventory to 988 by 2027. Furthermore, it emphasized a broader diversification strategy across its real estate projects to support sustainable, long-term growth.

News source: Silicon India

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