Phoenix Mills, the country’s largest mall operator, aims to scale up its retail property portfolio to over 14 million sq ft by 2027 and over 18 million by 2030 from 11.5 million sq ft that the firm currently holds.
It is also looking at adding new space in Kolkata, Surat, Coimbatore, Thane, Chandigarh, and other cities.
In FY25, the firm spent around Rs 2600 crore for obtaining development potential and the rest was spent on constructions across projects. Phoenix plans to spend Rs 1200 crore to Rs 1300 crore annually on its growth plans,
“The Rs 1600 crore was invested in land in Coimbatore, Chandigarh, Bengaluru and FSI Mumbai and Rs 1000 crore was invested in construction,” said Varun Parwal, group president at Phoenix Mills in an earnings call.
Parwal said the firm plans to 450,000 sq ft in the Lower Parel property in another two years.
Its peers are also expanding actively. For instance, Nexus Select Trust, a real estate investment trust backed by Blackstone is looking to have a mall portfolio of 20.million sq ft in the next three to four years. Currently it has 10.4 million sq ft of space. DLF is opening 3 malls with 1.4 million sq ft in total in Goa, Delhi, Gurugram in FY26. It has 4.5 million sq ft of mall space.
In the commercial office segment, Phoenix is looking to increase the area from ~3 million sq ft at present to ~7 million sq ft by 2027. “Leasing discussions are on for 1.2 million sq ft to 1.4 million sq ft in Pune, Bengaluru and Chennai,” Parwal said.
In the hospitality segment, Phoenix plans to add 400-key hotels, taking the total to 988 keys by 2027.
Parwal said the company is also planning to diversify its projects.