Prestige Group Strengthens Retail Presence with New Malls in Mumbai and Delhi-NCR
Prestige Group, one of the leading real estate developer from Bengaluru, is strengthening its presence in the retail market by expanding its mall portfolio with new projects in cities like Mumbai, Delhi-NCR, and other major urban areas. The company is building shopping malls across India to meet the growing demand for retail spaces.
The company’s latest development includes a 2 lakh sq ft mall in Mulund, Mumbai, with a special focus on the food and beverage sector. This mall will feature over 25 restaurants, adding variety and choice for shoppers. In Delhi-NCR, Prestige Group is planning to build a 1 million sq ft mall in Indirapuram, as part of its larger Prestige City township development. Currently, the project is awaiting approval from the Real Estate (Regulation and Development) Authority (RERA), with expectations of launching in the coming years.
In addition to these projects, Prestige Group is overseeing the construction of 8 million sq ft of retail space across several cities, including Mumbai, Delhi-NCR, Bengaluru, Chennai, and Hyderabad. These developments are set to be operational by 2028-2029. The scale of these projects highlights the company's commitment to strengthening its presence in the Indian retail market.
Muhammed Ali, CEO of Prestige Group's retail division, confirmed that the company is also in the process of securing approval for another mall project in Delhi-NCR, although details about this project remain undisclosed. Furthermore, Prestige is planning to develop a luxury mall spanning 1 million sq ft in a prime location in Mumbai, but specifics on this project have not been revealed.
Prestige Group’s retail business has already seen considerable success. In 2021, the company sold 4.4 million sq ft of retail space across seven shopping malls, fetching approximately ₹9,000 crore. The Group currently holds a 15% share in the retail segment. In a significant move, the company sold two-thirds of its retail business to Nexus Malls, backed by private equity firm Blackstone, in June 2023.
Other projects in the pipeline include three new malls in Hyderabad, as well as a proposed 6 lakh sq ft mall in Goa that will offer a mix of food and entertainment. In Bengaluru, Prestige is working on multiple projects, including a 1 million sq ft mall in Sarjapura, a mall in Whitefield, and a specialized athleisure mall in North Bengaluru. The athleisure mall, a unique concept for the city, will feature over 3 lakh sq ft dedicated to sportswear and accessories, bringing top-tier sports brands under one roof. The mall will also include 2.5 lakh sq ft of food and entertainment space, along with another 2.5 lakh sq ft for a gaming experience. This development is expected to be operational by the first quarter of 2027.
In Chennai, the company is constructing a 1 million sq ft mall located on Old Mahabalipuram Road (OMR), designed to be part of a five-star hotel. Ali emphasized that integrated malls, which combine residential, retail, and hotel components, offer several advantages, including ease of access and the creation of a more dynamic ecosystem for consumers.
He also explained the rationale behind opting for integrated developments, noting that they provide solutions to infrastructural challenges and help mitigate the impact of rising land costs in prime areas. Vertical developments are a key part of these plans, as they allow for optimal utilization of land, though Ali pointed out that malls with more than five floors might struggle to attract the desired foot traffic.
Another upcoming project in Hyderabad’s Banjara Hills will be a standalone mall, although it will be smaller in size compared to the other developments in the pipeline.
With these new developments, expected to be completed within the next few years, the Prestige group aims to further strengthen its presence in the country's rapidly expanding retail market.
Image source- prestigeconstructions.com
