This year, India saw six big mall launches by major developers like Phoenix Mills Ltd, Pacific Development Corporation Ltd, Lulu Group International and the Prestige Group
New Delhi: The year 2023 has been a positive one for mall supply. In the first half of the calendar year 2023, overall Grade ‘A’ mall stock, in terms of Gross leasable area (GLA), increased by 2.7% over the same period in 2022. A Grade A mall is characterised by high occupancy, strong tenant mix, good positioning and active mall management, whereas a Grade B mall stock has decent occupancy and tenant mix.
Gross leasing across the top seven cities including Chandigarh, Hyderabad, Bengaluru, Mumbai, Delhi-NCR, Chennai and Kolkata (in shopping malls and leading high streets) stood at 3.16 million sq. ft. in the first half of 2023 as per a real estate firm JLL.
This year, India saw some significant mall launches by major developers like Phoenix Mills Ltd, Pacific Development Corporation Ltd, Lulu Group International and the Prestige Group.
Here are the top 6 mall launches of 2023.
Phoenix Mall of Asia
Location: Hebbal, North Bengaluru, Karnataka
Launched in October 2023, the mall operated by Phoenix Mills Ltd. is the biggest mall launched in 2023 with an area of 1.2 million sq. ft. or 13 acres. The mall houses over 440 brands and is spread across five floors. It has parking for over 3,100 vehicles with electronic vehicle charging stations and bicycle bays for visitors.
“The mall has generated more than 4,500 job opportunities in the city, with a significant percentage of the staff being local Kannadiga residents,” Gajendra Singh Rathod, director of The Phoenix Malls for South India told media during a press preview in October.
The Phoenix Mills has developed the mall under its joint venture with the Canada Pension Plan Investment Board (CPP Investments).
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Phoenix Mall of the Millennium
Location: Wakad – Hinjewadi Region, Pune, Maharashtra
The first launch by Phoenix Mills Ltd. in 2023 and the second largest of 2023, the Mall of the Millennium covers an expanse of 1.1 million sq. ft. Launched in September 2023, it has over 300 leading brands and more than 50 fine-dining restaurants and flagship bars. Furthermore, it has a Fanpark that will host live events and live screenings.
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Forum Kochi
Location: Maradu, Kochi, Kerala
Bengaluru-based Prestige Group launched the first Forum Mall in Kochi in August. This is Prestige’s first mall outside the city of Bengaluru. It is spread across an area of 6.5 lakh sq. ft. and houses over 200 brands. A joint development by Prestige Group and Thomsun Realtors, the new mall is situated on National Highway (NH) 66, Maradu, Kochi and is built with an investment of Rs 700 crore. It is expected to generate employment opportunities for over 1500 individuals.
Indiaretailing had earlier reported that Prestige Group aims to expand its footprint by developing four malls across Bengaluru, Chennai and Hyderabad, as per the company website.
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Lulu Mall
Location: KPHB 3rd Phase, Kukatpally, Hyderabad, Telangana
Launched in September 2023 by multinational conglomerate Lulu Group International, the mall in Kukatpally is spread across 5 lakh sq. ft. It houses over 100 brands and is the group’s first venture in the state of Telangana.
Indiaretailing had earlier reported that Lulu Mall in Hyderabad is part of the Rs. 500 crore investment that Lulu committed to the state of Telangana. The group signed an MOU with the Government of Telangana during Industry Minister KT Rama Rao’s visit to the World Economic Forum last year in Davos. This shopping centre will generate employment for more than 2,000 personnel, according to a release shared in September 2023.
Hyderabad becomes the sixth city in India where the group has established its presence, after Kochi, Thiruvananthapuram, Bengaluru, Lucknow, and Coimbatore.
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The Mall of Faridabad
Location: NIT, Faridabad, Haryana
Launched in October 2023, the Mall of Faridabad by the Pacific Development Corporation Ltd. is spread across 4 lakh sq. ft. and houses over 100 brands.
The Mall of Faridabad has a huge three-story Lifestyle multi-brand store spread across 30,000 sq. ft., and a two-story Max multi-brand store spread across 16,000 sq. ft. with a diverse collection of products from multiple brands for all age groups and genders.
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Lulu Mall
Location: Kannadi National Highway, Palakkad, Kerala
Multinational conglomerate company Lulu Group launched its new shopping centre in Palakkad, Kerala on 18 December, making it the third Lulu Mall in the state. This is the latest addition to 2023 and the second addition to the state of Kerala making it the only state in India in 2023 to get two new malls.
The two-storey mall features a sprawling 1 lakh sq. ft. Lulu Hypermarket which offers products ranging from groceries, delicacies, fresh farm produce and imported goods. Moreover, the new shopping centre will feature the Lulu Fashion Store, offering a diverse range of international, national, and regional fashion brands, along with Lulu Connect, dedicated to electronic gadgets and home appliances.
