Prestige Group Expanding Its Mall Portfolio with New Properties in Mumbai and Delhi-NCR
Bengaluru-based listed real estate developer Prestige Group is rapidly expanding its mall portfolio with several new properties under construction in Mumbai, Delhi-NCR, and other major cities.
Prestige GroupReal EstateMall DevelopmentMumbaiDelhincrReal EstateFeb 05, 2025
According to Muhammed Ali, CEO of Prestige Group Retail, the company has about 8 million sq ft of malls under construction across Mumbai, Delhi-NCR, Bengaluru, Chennai, and Hyderabad.
In Mumbai's Mulund, Prestige Group is constructing a 2 lakh sq ft mall that will feature over 25 restaurants, primarily focused on the food and beverage segment.
The company is also awaiting RERA (Real Estate Regulatory Authority) approvals for its 1 million sq ft mall in Indirapuram, part of the Prestige City township in Delhi-NCR.
All the malls under construction are expected to be operational by 2028-2029.
Ali mentioned that the company is in the process of signing up for another mall project in Delhi-NCR but did not disclose further details.
Additionally, Prestige Group is planning to develop another 1 million sq ft luxury mall in a prime area of Mumbai.
The company has a strong track record in the retail sector.
In 2021, they sold 4.4 million square feet of retail space in seven shopping malls for approximately ₹9,000 crore, holding a 15 per cent share in the mall sector.
In June 2023, Prestige Group sold two-thirds of its retail business to Blackstone-backed Nexus Malls.
Prestige Group's expansion plans do not stop at Mumbai and Delhi-NCR.
The company is also planning to launch three malls in Hyderabad.
They already own a land parcel in Goa and are planning a 6 lakh sq ft mall with a focus on food and entertainment.
In Bengaluru, the Group is building a 1 million sq ft mall in Sarjapura, another in Whitefield, and an athleisure mall in north Bengaluru.
In Chennai, the company is developing a 1 million sq ft mall on Old Mahabalipuram Road (OMR).
In north Bengaluru, Prestige Group is working on an 8 lakh sq ft mall space dominated by athleisure.
This mall will feature over 3 lakh sq ft of sportswear and accessories, 2.5 lakh sq ft of food and entertainment, and 2.5 lakh sq ft of gaming experience, making it a unique blend of sports, dining, and entertainment.
This ambitious project is set to be operational by the first quarter of 2027.
Most of the new malls will be part of integrated townships or hotel properties, providing a comprehensive ecosystem for living, working, and shopping.
For instance, the Mulund mall in Mumbai is part of a township, and the Chennai mall will be part of a five-star hotel.
Ali noted that such integrated developments help in dealing with infrastructural challenges and rising land costs.
However, the company is also planning a standalone retail mall in Hyderabad's prime Banjara Hills, which will be smaller in size.
Prestige Group's strategy to integrate malls with townships and hotels aims to maximize the Floor Space Index (FSI) through vertical developments.
Despite this, the company acknowledges that malls with more than five floors may not attract the desired foot traffic, ensuring a balanced approach to their development plans.
Prestige Group's expansion plans reflect the company's commitment to creating high-quality retail spaces that cater to a diverse range of consumer needs and preferences.
With its strong market presence and strategic approach, Prestige Group is well-positioned to become a leading player in the retail real estate sector.
Frequently Asked Questions
What is the total area of malls under construction by Prestige Group?
Prestige Group has about 8 million sq ft of malls under construction across various cities including Mumbai, Delhi-NCR, Bengaluru, Chennai, and Hyderabad.
Where is Prestige Group constructing a 2 lakh sq ft mall in Mumbai?
Prestige Group is constructing a 2 lakh sq ft mall in Mumbai's Mulund, which will feature over 25 restaurants and be dominated by the food and beverage segment.
What is the size of the mall under construction in Delhi-NCR's Indirapuram?
The mall under construction in Delhi-NCR's Indirapuram is part of the Prestige City township and will be 1 million sq ft in size.
When are the new malls expected to be operational?
All the malls under construction are expected to be operational by 2028-2029.
What is the focus of the mall planned in north Bengaluru?
The mall planned in north Bengaluru will be an 8 lakh sq ft space dominated by athleisure, featuring over 3 lakh sq ft of sportswear and accessories, 2.5 lakh sq ft of food and entertainment, and 2.5 lakh sq ft of gaming experience.
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