Phoenix Mills Unveils Ambitious Expansion, Targets 14 Million Sq Ft Mall Portfolio by 2027

Setting the Stage for a New Era in Retail

Phoenix Mills, the name synonymous with some of India’s most iconic shopping destinations, is embarking on a transformative journey. With a vision to redefine the country’s retail landscape, Phoenix Mills is set to expand its retail property portfolio from the current 11.5 million square feet to over 14 million square feet by 2027, and further to an impressive 18 million square feet by 2030. This bold ambition marks a new chapter in the company’s storied legacy and signals a wave of innovation and growth across the Indian retail sector.

Expanding Footprints Across India’s Fastest-Growing Cities

The expansion will not only reinforce Phoenix Mills’ dominance in established markets but also introduce its signature retail experience to new and emerging urban centers. The company is actively pursuing projects in vibrant cities such as Kolkata, Surat, Coimbatore, Thane, and Chandigarh, among others. These new developments are poised to become lifestyle hubs, offering world-class shopping, entertainment, and dining experiences to millions of visitors.

Phoenix Mills’ strategic approach is to create more than just shopping centers; the aim is to build integrated urban destinations that become the heartbeat of their communities. By tapping into the unique character and needs of each city, the company ensures every project is tailored to deliver exceptional value to both consumers and local economies.

Strategic Investments Powering Growth

To bring this vision to life, Phoenix Mills has made significant financial commitments. In FY25 alone, the company invested approximately Rs 2,600 crore to unlock development potential and accelerate construction across its projects. Of this, Rs 1,600 crore was dedicated to acquiring prime land parcels in Coimbatore, Chandigarh, Bengaluru, and Mumbai, while Rs 1,000 crore was channeled into ongoing construction activities.

Looking ahead, Phoenix Mills plans to invest between Rs 1,200 crore and Rs 1,300 crore annually to fuel its ambitious growth pipeline. This sustained investment will ensure the timely delivery of new projects and the continued enhancement of existing properties.

A highlight of the company’s expansion is the planned addition of 450,000 square feet to its flagship Lower Parel property in Mumbai. This iconic destination, already a magnet for shoppers and tourists, will soon offer even more space for premium retail brands and immersive experiences.

Competitive Landscape: A Sector on the Move

Phoenix Mills’ aggressive growth strategy comes at a time when the Indian retail real estate sector is witnessing unprecedented momentum. Key competitors are also scaling up their operations to capture a larger share of the market.

• Nexus Select Trust, a real estate investment trust backed by Blackstone, is aiming to double its mall portfolio to 20 million square feet over the next three to four years, up from its current 10.4 million square feet.
• DLF, another industry heavyweight, is set to open three new malls totaling 1.4 million square feet in Goa, Delhi, and Gurugram by FY26, adding to its existing 4.5 million square feet of mall space.

This wave of expansion across the sector is a testament to the growing demand for high-quality retail destinations in India’s rapidly urbanizing landscape.

Beyond Retail: Diversification into Offices and Hospitality

Phoenix Mills’ vision extends well beyond retail. The company is making significant strides in the commercial office segment, aiming to more than double its office portfolio from approximately 3 million square feet to 7 million square feet by 2027. Leasing discussions are already underway for 1.2 to 1.4 million square feet in key markets such as Pune, Bengaluru, and Chennai, reflecting strong demand from corporate occupiers.

In the hospitality segment, Phoenix Mills is set to enhance its offerings by adding 400 hotel keys, increasing its total inventory to 988 keys by 2027. This move underscores the company’s commitment to creating integrated, mixed-use developments that cater to a wide spectrum of urban needs-from shopping and work to leisure and travel.

A Vision for the Future

Varun Parwal, Group President at Phoenix Mills, emphasized the company’s commitment to innovation, diversification, and sustainable growth during a recent earnings call. He highlighted that Phoenix Mills is not only expanding geographically but also broadening its project portfolio to include a mix of retail, office, and hospitality assets.

This holistic approach positions Phoenix Mills as a leader in India’s evolving real estate market, capable of delivering value to investors, tenants, and consumers alike.

Shaping Urban Experiences for a New Generation

As Phoenix Mills accelerates its expansion, it is not just adding square footage-it is shaping the very fabric of urban life in India. Each new development is envisioned as a vibrant ecosystem, seamlessly blending shopping, business, and hospitality to create destinations where people can connect, create, and celebrate.

With a robust investment strategy, a diversified portfolio, and a clear vision for the future, Phoenix Mills is poised to remain at the forefront of India’s real estate transformation, setting new standards for excellence and innovation in every city it touches.