Adapting to the Industry

Retail brands around the world are today eager to participate in India’s growth as the fifth-largest retail market in the world. These retailers are eyeing up space in the large upcoming pipeline of Indian retail real estate developments as the country continues to grow and become a major player in the industry. Over the coming pages RLI takes a closer look at the retail market and a selection of ground-breaking schemes.

Urban Indian consumers have increasing purchasing power and branded goods in sectors including apparel, cosmetics, footwear, watches, beverages, food and even jewellery is steadily growing in popularity for usage in both work and leisure.


As the corporates – the Piramals, the Tatas, the Rahejas, ITC, S.Kumar’s, RPG Enterprises and mega retailers – Crosswords, Shopper’s Stop and Pantaloons race to revolutionise the retailing sector, retail as an industry in India is coming alive.


The market after 2021 has been an eye-opening time for the Indian retail sector. The industry saw a decline of 8.5 per cent in FY 2021, but this quickly recovered in 2022 to reach $836bn with a contribution of 81.5 per cent from traditional retail.

Urban Square, Udaipur, Rajasthan
Developer: Bhumika Group


According to Kearney Research, India’s retail industry is projected to grow to $1.407bn by 2026 and more than $1.8trn by 2030, albeit Deloitte India projects online retail to outpace offline growth by 2030 with online retail penetration projected to grow at an extraordinary rate, outpacing offline retail two and a half times over. Meanwhile, according to CBRE, retail leasing is expected to reach 5.5-6 million square feet in 2023, the highest since the pre-pandemic peak of 6.8 million square feet in 2019.


India will soon get bigger malls that will also make room for entertainment and services beyond shopping. With malls set to become 30-40 per cent bigger, the newer models of service should not be a problem as the malls that will come up in India will kind of resemble those in Dubai and the US. Leading mall developers, including Prestige, Phoenix, DLF, Lulu and Unity, have planned malls that will spread over more than one million square feet, instead of the more normal 500,000-700,000sq ft leasable area. Malls are not seen just as shopping centres and bigger mall spaces could help change their perception as family centres.


More than a dozen international brands, including Valentino, McLaren and Balenciaga have debuted in India in recent months, seeking to take advantage of greater demand for upscale labels since the Covid-19 lockdowns. Others that have come to market include Pottery Barn, Pret A Manger, Tim Hortons and Popeyes. Elsewhere on the retail front, Aditya Birla Fashion and Retail Ltd and Galeries Lafayette recently partnered to launch upscale department stores and a specific e-commerce platform in India.

Borivali Mall, Mumbai, Maharashtra
Developer: Oberoi Realty


Food & beverage and a few entertainment brands are also expected to establish a presence in the Indian market in 2023, with chains such as Lavazza and Armani Caffe of Italy, Jamba of the US and The Coffee Club from Australia likely to enter this year.


With the economy successfully rebounding from the pandemic and its after-effects, Indian consumers have hit the markets. From clothing to accessories, food to beverages, premium is the dominant word on the retail horizon. Both e-commerce and traditional retail players are vying for a piece of the pie. The growth of the industry is driven by increased consumer demands, disposable income, efficient logistics and advanced technology. Modern retailing has entered the retail market in India in the form of shopping centres, multiplex malls and complex buildings that provide shopping, dining and entertainment under one roof.


The mall of the future is less retail and more content, more social and more experiential. There is an opportunity to reinvent the mall experience and bring people together in a way that encourages connection, functioning as the heart and central gathering place for the community.

Saya Piazza, Noida, Uttar Pradesh
Developer: Saya Homes


Schemes Across India
Launched in October 2021 by developer Reliance Industries, Jio World Drive spans across an area of 17.5 acres at Maker Maxity and is strategically located in the Bandra Kurla Complex. Jio World Drive is Mumbai’s newest, vibrant urban hangout. The precinct is home to 72 prominent International and Indian brands such as Coach, Emporio Armani, Steve Madden, Gant, Dior, Clinique, Calvin Klein, SuperDry and Michael Kors amongst others, 27 culinary outlets with cuisines from across the globe, Mumbai’s first rooftop Jio Drive-In Theatre, an open-air weekend community market, pet-friendly services, a dedicated pop-up experience and other bespoke services. The mall is a curated melting pot of never-seen-before brands, flagship stores, the city’s first rooftop drive-in theatre, art installations, unique dining experiences and other unforgettable experiences. Everything on-site is designed to keep customers in the now. The facade design is inspired by a French term called ‘Nuage’, which translates to ‘cloud’, is a floating hexagonal design that wraps the external façade. It assures a whole series of performance criteria including thermal insulation, solar penetration, glare reduction and visibility transparency.

Taurus Zentrum, Thiruvananthapuram, Kerala
Owner: Taurus Investment Holdings


Two ongoing projects by developer Saya Homes will create new and iconic destinations in Greater Noida West. Saya South X is here to take your retail experience to the next level with a diverse selection of luxury brands amidst tasteful landscaping. Catch the latest flix, meet your friends for a cup of coffee, shop for the latest trends, or take your family on a culinary journey. Capture every beautiful moment and rejoice in the joys of retail therapy. With Saya South X, you can explore a mix of retail, restaurants and entertainment pulsating with style and energy. No limit, no end to fun & excitement at Saya South X. Meanwhile Saya Piazza in Sector 131 on Noida Expressway is all set to revolutionise the shopping experience. The mall is strategically located and close to a catchment area of 50,000+ families. Shoppers will be welcomed by the beautiful facade and ushered into the mall’s luxurious ambience. Elaborately designed and embellished with supreme luxury, Saya Piazza is poised to be an epitome of leisure and commercial activities. Beyond grandeur, the structure will also reflect efficiency and offer a space for indulgence. Saya Piazza will offer a shopping experience so rich and unique, that everything else would seem ordinary.

Phoenix Mall of the Millennium, Pune, Maharashtra
Developer: Phoenix Mills Limited


Around 15 kilometres from Ludhiana City on GT Road is the largest outlet destination by the name, Somsons Galleria. It features more than 100 stores, including shopping, F&B, entertainment and leisure, etc. It is strategically located near the intersection of NH 44 and NH 5, with easy access to the project on the highway. The outlet mall was designed with customers’ interests in mind and it is expected to attract visitors from a distance of about 200 kilometres as well as those living in the neighbouring areas and towns. Somsons Galleria has over 30 per cent of its space devoted to food and beverage, making it one of the largest food destinations in the region. This includes drive-thrus, dine-in restaurants, pubs and bars, cafes, a dedicated food-court and more. Being one of the first outlet malls to have a Family Entertainment Center, Somsons Galleria is sure to become one of the favourite places to shop!


In July last year, Utter Pradesh’s Chief Minister Yogi Adityanath inaugurated Lulu Mall of Lucknow, it is one of the biggest malls in India and one of the biggest shopping destinations in Lucknow. Located at Amar Shaheed Path, Golf City, It is built with multi-level vehicle parking facility for up to 3,000 vehicles. It has a combination of the biggest national and international brands in India which covers Lulu Hypermarket, Decathlon, Lulu fashion store, Starbucks, Lulu Connect, Nykaa Luxe, Costa Coffee, Uniqlo, etc. It also facilitates customers with wedding shopping opportunities including jewellery, fashion and branded watches. The mall has fifteen fine restaurants, cafes and a large food court with twenty-five brand outlets with seating capacity of 1,600 customers.

LuLu Mall, Lucknow, Uttar Pradesh
Developer: LuLu Group


Launched in December last year by developer Bhumika Group, Urban Square was designed and developed as an iconic destination, to be a focused, mixed-use destination for the Rajasthan state and feature a balanced mix of commercial retail, hospitality and entertainment. The project has been conceived as a catalyst to enhance commerce, infrastructure and hospitality standards of the historic city of Udaipur.

Urban Square is a 1.8 million square feet scheme which is now the largest mall of Rajasthan and it has been positioned as an “all under one roof” mall and multiplex with lifestyle retail, mouth-watering F&B options along with Food Court, an adrenaline-driving gaming zone and a bowling alley and many more entertainment options for the entire family. The second phase will feature a range of retail shops with three more anchor tenants — a food court, restaurants and an entertainment zone, offices, a five-star hotel with 200 keys and ample parking space both in the basement as well as a multilevel car park. The development will be spread across 14 floors, including two basements and the lower and upper ground floors. The project is estimated to cost Rs 350 crore and has a built-up area of 8.54 lakh square feet. It will offer a high-quality lifestyle experience to tourists, travellers and residents of Udaipur.

Saya South X, Noida, Uttar Pradesh
Developer: Saya Homes


Also launched in December last year by developer Olympia Group was the Chennai Airport MLCP. The design envisaged a retail, office & cinema component of approximately 327,350sq ft with a large F&B component. The retail & cinema occupancy will be positioned to serve the needs of arriving and departing passengers, as well as to serve as a community mall/multiplex for residential localities situated in the vicinity of the airport complex. Of the 327,350sq ft commercial built area, approximately 225,089sq ft was arranged within the East MLCP block around a large atrium, while the remaining balance of 105,261sq ft was arranged as a food court and office complex on the ground & first floors of the West MLCP Block. Four airport terminals are arranged in a linear configuration, linked by an elevated bridge. Departures operate at the elevated level, while arrivals are located at ground level. The landside in front of the terminals is occupied by a combination of surface parking, utility buildings and the metro station. The proposal was to construct two multi-level car park (MLCP) buildings on either flank of the metro station, at a distance of 100m from the façade line of the airport terminal buildings. The blocks would be linked at upper levels to the elevated bridge, besides being accessible from the ground level and this is what was achieved upon opening late last year.


Opened in May this year by developer L&T Group, Aerohub is a cutting-edge shopping mall near Chennai Airport with fine eating options, a state-of-the-art five-screen movie theatre and more than 100,000sq ft of premium space, visitors can experience luxury and excitement all year round. The mall, which is situated at Meenambakkam near Chennai International Airport, has a multi-level automobile parking facility with 2,500 comparable parking spaces. Aerohub, which is reachable by road, metro rail, suburban rail and the MRTS network, is the ideal retail location for the affluent tastes of the neighbourhood. For Chennai residents looking for shopping and leisure, it’s the ideal retreat thanks to its prominent location along GST Road (NH-32). Aerohub Shopping Mall in Meenambakkam also upholds the highest quality standards as a Public-Private Partnership with the Airport Authority of India. Nestled within the heart of the CBD and seamlessly accessible by all major transportation options, this esteemed establishment serves as the quintessential shopping destination catering to the discerning tastes of the local community.

Somsons Galleria, Ludhiana City, Punjab
Developer: Somsons Group


Expected to be completed in October, Langval Mall is a retail-led, mixed-use project by developer Langval Group and it is going to be the first shoppertainment destination in the region and be spread across about 250,000sq ft. Situated in a prime location on Trichy Main Road on a corner property in Thanjavur, the only mall in the city is going to be the one stop destination for all the shopping and entertainment needs for the people of the city. Langval Mall – Pride of Thanjavur will be the ultimate destination to meet, eat, shop and enjoy.


The Phoenix Mills Limited is set to bring the Phoenix Mall of Asia Shopping Mall in Hebbal Bengaluru to operation next year. Spread over a 13 acre property, the shopping mall will have 1.2 million square feet of retail space. The first phase of development of the Phoenix Mall of Asia is likely to consist of a shopping mall with a five-storey retail building, two basement levels and five floors. With its already existing shopping mall, The Phoenix Marketcity in Mahadevapura, it will cater to the key micro-markets in Bengaluru. The Phoenix Mall of Asia Bengaluru is also expected to feature a 15-screen Multiplex, a tiered atrium with restaurants and cafes and the Eden Arcadia attraction at the ground floor.


Another project set to launch next year by the Phoenix Mills Limited is the Phoenix Mall of the Millennium in Pune. Located towards the Western periphery of Wakad is the picturesque region of Pune which is where this development is being planned to set new benchmarks of shopping experiences in the city. The upcoming development will be spread over 15 acres of land in the outskirts of Pune City and is set to offer over 150,000sq m of space, with over 100,000sq m of this space being set aside for retail units.

Kartavya Path, Delhi
Developer: Central Public Works Department


A leading real estate development company in India, Oberoi Realty is set to open a second mall in Mumbai at Borivali. Midway through 2024, the group hopes to begin leasing the mall’s 1.5 million square feet. Following the success of Oberoi Mall in Goregaon East, this will be Oberoi Realty‘s second mall in Mumbai. The mall would be in Borivali as part of the Oberoi Sky City project. It will be built on a site with easy access to both the Mumbai Metro and the Western Express Highway (WEH). According to Moneycontrol, the Borivali Mall will house 1,800 families in the five towers of Sky City’s first phase of residential construction. There are perhaps 3,200 households living nearby who have easy access to the mall. Additionally, the mall will be accessible to both Metro line exits, expanding its catchment area. It added that theatre chain, INOX has already come on board as one of the anchor tenants with a 10-screen multiplex. The mall will also comprise a lower ground floor, ground floor, two storeys of shops, Family Entertainment Centres (FECs) and F&B on the third and fourth floors, respectively. In addition, a rooftop F&B space will be on the fourth storey.


Ingka Centres, part of Ikea’s retail operator Ingka Group, recently said it would open its first retail centre in India in late 2025. The centre named ‘Lykli’ will be opened in Gurugram, Haryana. The company is investing 400 million euros (around Rs. 3,500 crore) in the Gurugram project. It is also planning a similar centre in Noida, Uttar Pradesh. The name Lykli comes from ‘lycklig’, a Swedish word for ‘happy’ and it was chosen by its future customers in India. Ingka Centres offers traditionally offer shopping places, office space, food and beverage outlets and social activities collaborating with local community. The meeting place will be anchored by IKEA and has been designed to meet local needs with a playful blend of dining and entertainment complemented by a diverse retail selection of both global and local brands. Earlier this year, Ingka Centres had entered into an agreement with leading cinema exhibitor PVR (now PVR Inox), which will operate a nine-screen movie multiplex at the Gurugram project.


Delhi-NCR-based real estate firm Saya Group will develop “India’s tallest mall”, Saya Status, having a height of 150ft in Sector 129 on the Noida-Greater Noida Expressway with an investment of over Rs 2,000 crore. The total built-up area will be 1.4 million square feet and the leasable space 1.1 million square feet, the company said. The company added that Saya Status will have nine floors and will offer a range of luxury brands and amenities. The 4.6-acre plot on which the shopping mall is being constructed is fully paid for. The construction of the project is in full swing and nearly 25 percent work is complete. The mall is set to become functional in 2025. It has been designed by the international architectural firm DP Architects, based in Singapore. The company said that nearly 55 brands have been finalised out of which around 30 have signed agreements to come on board. He said that the mall will have a total parking capacity of 1,600 cars. Apart from basement parking, this mall will have floor-wise parking from the fourth floor to the ninth.


Taurus Zentrum is a shopping mall under construction in Thiruvananthapuram, Kerala, India. When completed it will be one of the largest and most exciting retail, entertainment and dining destinations in the country with over 700,000sq ft of gross leasable area. The mall will feature dozens of local and internationally-known retail brands, a multitude of dining options and a wide variety of entertainment including Kerala’s largest multiplex. The multiplex will have 15 screens, including an IMAX theater and will be operated by Cinepolis. Zentrum will act as the nucleus of Taurus Downtown Trivandrum and of the wider Technopark region, as well as a regional destination for the Trivandrum urban agglomeration and all of South Kerala and Tamilnadu. The mall is owned and managed by Taurus Investment Holdings and designed by the international architectural firm, Benoy.


Set to fully complete in 2026, the Central Vista Redevelopment Project, or Central Vista Projects, refers to the ongoing redevelopment to revamp Central Vista – the administrative heart of the Union Government of India. The ambitious project, headed by CPWD (Central Public Works Department), will be built at a cost of 13,450 crore ($1.7bn) in a span of six years. With design works from globally renowned architects Benoy, the Central Vista Redevelopment Plan is proposed to meet the present and future infrastructure needs of space for the Parliament, Ministries and Departments. The project also aims to provide better public facilities, social amenities, tourist attractions, parking facilities etc. Central Vista Avenue (renamed Kartavya Path when it was inaugurated in September last year by PM Modi), extends from the Rashtrapati Bhawan to the India Gate. The three-kilometre-long tree-lined stretch is one of the most attractive tourist places in Delhi, especially during the Republic Dat parade. As per the revamp masterplan, the avenue has been refurbished with upgraded infrastructure and new social amenities. The lawn space has been enhanced from 350,000sq m to 390,000sq m. Moreover, the revamped avenue is now home to a transit plaza, vending zones, pedestrian upderpasses, improved parking space and upgraded security measures.