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

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

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

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

Next Story
Infrastructure Transport

PM unveils first 9000 HP electric freight locomotive in Gujarat

Prime Minister Narendra Modi has flagged off India’s first 9,000-horsepower electric freight locomotive at Dahod, Gujarat, marking a major leap in the country’s rail freight capabilities. This high-capacity engine is part of Indian Railways’ broader push to increase its freight share from 27 per cent to 45 per cent.The locomotive is the first of 1,200 units to be delivered by Siemens under a Rs 214.05 billion contract awarded by the Indian Railways. The project involves the design, engineering, manufacturing and maintenance of these heavy-haul electric locomotives.While Siemens’ plants..

Next Story
Real Estate

Sea Breeze launches La Wisteria in Siolim, Goa

Sea Breeze Group has announced the launch of La Wisteria, a RERA-approved luxury residential project in Siolim, North Goa, offering 80 boutique 1BHK and 2BHK apartments with private pools and lush paddy field views. Targeted for completion by December 2027, the development is designed to offer a high-end lifestyle and attractive rental returns.Each unit comes with a private pool and is surrounded by scenic vistas, ensuring exclusivity and long-term value. Positioned on a 3,545 sq m corner plot, the property is open on all four sides and bordered by greenery on two, enhancing privacy and openne..

Next Story
Real Estate

Ashiana Housing launches premium boutique project in Jaipur

Ashiana Housing, a listed real estate developer on NSE and BSE, has announced the launch of Ashiana Aravali, a low-density, premium residential project in Jagatpura, Jaipur. Designed for upper-mid and premium homebuyers, the development offers a rare combination of exclusivity, greenery, and urban connectivity in one of the city’s fastest-growing corridors.The boutique project comprises 50 residences, with 25 each of 4 BHK and 3 BHK units. The 4 BHK homes are offered in two configurations—2641 sq. ft. and 2630 sq. ft., while the 3 BHK homes are sized at 2312 sq. ft. Each apartment includes..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?