In the current fiscal year 2023-24, Phoenix Mills plans to invest over Rs 2,000 crore to support the ongoing portfolio expansion across key cities in the country, including Pune, Bengaluru, Kolkata, and Surat.
The retail-led mixed development firm has already invested approximately Rs 1,400 crore in order to fund the construction of these projects in 2022-23.
This year, the company plans to open two new destination malls in Pune and Bengaluru, with a total leasable area of 2.4 million square feet. With nearly 11 million square feet of operational retail assets, the company is expected to become the country's largest mall developer and operator as a result of this expansion.
In addition to the current plan, the company intends to expand its retail property portfolio by targeting Navi Mumbai, Thane, Hyderabad, the National Capital Region, Chandigarh, and Jaipur. Locations such as Nagpur, Goa, and Vizag are also being considered for expansion.
"We are ready for 2023-24 with renewed optimism, with the launch of two new malls within the next six months, sustained consumption growth in existing malls, ramp up at existing malls in Chennai, Pune, and Kurla on account of increased trading area, and consumption growth in our latest malls in Indore and Ahmedabad demonstrating a significant upward trend," said Shishir Shrivastava, MD, The Phoenix Mills.