The Phoenix Mills will operationalise four new large malls in Pune, Bengaluru, Ahmedabad and Indore over the next 12-15 months. The Phoenix Mills will hold around 4.4 million sq ft cumulative leasable retail space across the four malls.
The company is investing around Rs 4,000 crore to develop the retail component of these projects. Of the total four malls, two malls with nearly two million sq ft space in Ahmedabad and Indore will start operations by Diwali 2022.The company’s mall Phoenix Citadel Indore has already locked around 75 percent of its leasing through pre-commitments, while Palladium Ahmedabad property has completed 85 percent leasing.
Both malls Phoenix Millennium in Wakad and Phoenix Mall of Asia in Hebbal with around 2.4 million sq ft space will start operations in 2023 and these have also completed over 50 percent leasing each.
Following the completion of these four properties and one more in Kolkata, Phoenix Mills’ total operational retail portfolio will grow to 13 million sq ft across 14 malls from the current seven million sq ft across nine malls.