Phoenix Mills is set to expand its retail real estate portfolio from the current 11.5 million sq. ft. to over 14 million sq. ft. by 2027 and more than 18 million sq. ft. by 2030. The firm aims to add new retail spaces in cities including Kolkata, Surat, Coimbatore, Thane, and Chandigarh as part of its expansion strategy.

In FY25, Phoenix Mills invested around Rs 2,600 crore in development and construction. “The Rs 1600 crore was invested in land in Coimbatore, Chandigarh, Bengaluru and FSI Mumbai and Rs 1000 crore was invested in construction,” Group President at Phoenix Mills, Varun Parwal, said in an earnings call. Going forward, the company plans to allocate Rs 1,200 crore to Rs 1,300 crore annually to fuel its growth plans. In addition to new locations, the company plans to expand its existing footprint, including adding 4,50,000 sq. ft. to its property in Lower Parel in the next two years.

Phoenix is also scaling its commercial office space significantly. From the current three million sq. ft., the target is to reach approx. seven million sq. ft. by 2027. The company is also increasing its hospitality presence by adding 400-key hotels, which will raise its total hotel capacity to 988 keys by 2027.

Phoenix Mills’ expansion comes at a time when other players are also stepping up their investments. Nexus Select Trust, backed by Blackstone, plans to increase its retail portfolio from 10.4 million sq. ft. to 20 million sq. ft. over the next three to four years. Meanwhile, DLF plans to launch three malls totaling 1.4 million sq. ft. across Goa, Delhi, and Gurugram in FY26, bringing its total mall area to 4.5 million sq ft.