India’s retail landscape is a vibrant ensemble of formats. Through the rapid urbanisation of the country in recent decades, retailing in India has evolved significantly and the mall culture continues to grow. Over the coming pages, RLI takes a closer look at an undervalued retail market and how some of its recent and upcoming projects are placing it firmly on the mixed-use development global map.
JLL’s guide on India entitled ‘The real (e)state of Indian retail sector’ explains that the Indian retail sector has been undergoing a significant transformation in the current decade. Growing affluence, aspirational shift and social media influence are driving the trend of “premiumisation”. In the past four years, 60 international brands have entered India, with new entrants nearly doubling from 14 in 2023 to 27 in 2024. Developers have been noticing this trend and augmenting the supply of REIT-able mall spaces steadily. Of the expected mall supply from 2025 to 2030, nearly 43 per cent will be spread across malls sized between one million square feet to three million square feet of gross leasable area. Moreover, they will largely comprise assets under development by listed real estate developers in the country. In a nutshell, this decade will see a rich supply of superior-quality malls from leading real estate developers, which will redefine the retail landscape in India.
According to another insight by JLL, ‘India retail market dynamics: Q4 2024’ – during the calendar year 2024, 8.1 million square feet of area was leased by retailers in shopping malls and prominent high streets across India’s top seven cities (Mumbai, Delhi NCR, Bengaluru, Kolkata, Chennai, Pune and Hyderabad). Last year bore witness to new retail space additions of nearly 1.7 million square feet across seven retail developments. Despite limited infusion of new spaces of superior quality, momentum in retail sector’s gross leasing remained unaffected as retailers continued to expand their footprints across retail formats throughout the year, with gross leasing moderating by only six per cent over 2023.
CBRE’s ‘2025 India Retail Outlook’ highlights that India’s retail sector is expected to maintain its growth momentum in 2025 as malls continue to refine their tenant mix and offer dynamic shopping, entertainment and dining experiences. International and domestic brands across various categories are likely to remain key drivers of leasing growth.
The future looks bright for the country moving forward as supply is accelerating. Over 2.2 million square feet of new retail supply was added in H1 2025, led by large malls opening in Mumbai, Hyderabad and Delhi-NCR and momentum is expected to strengthen in H2 2025.
Projects Across India
Over the next few months, developer DLF will open three shopping malls in Goa, Delhi and Gurugram, which in total will cover around 14 lakh square feet of space. At present, DLF Group has eight retail properties, including a large shopping mall in Noida, with a portfolio of around 45 lakh square feet of space. The company will open DLF Midtown Plaza, comprising more than two lakh square feet area, at Moti Nagar in the national capital in the next few months. The development will feature a mix of contemporary retail stores, a food court, cafés and theme-based restaurants and around 75-80 per cent of the area has already been leased, or is in the final stages of being rented out. Later this year meanwhile, the company will open DLF Summit Plaza in Gurugram, covering around 4.8 lakh square feet of space, of which more than four lakh square feet is retail and the rest is co-working space. Key highlights include a boutique cinema with two to three screens, accommodating up to 300 patrons, alongside artisanal cafés, curated dining options and a blend of global and Indian brands. Finally, they will open Goa Mall early next year, which comprises seven lakh square feet of retail space, meaning it will become the largest mall in Goa. The development will house more than 300 Indian and international brands across categories such as fashion, lifestyle, food and beverage, home décor and consumer durables. Additionally, the mall will offer extensive parking facilities with capacity for over 800 vehicles, enhancing convenience for visitors.
Phoenix Mills, India’s largest mall operator, plans to expand its retail portfolio from 11.5 million square feet to over 14 million square feet by 2027 and 18 million square feet by 2030. The growth will be driven by new developments in cities such as Kolkata, Surat, Coimbatore, Thane and Chandigarh. Phoenix Mills also aims to add four hundred thousand square feet to its Lower Parel property within two years. The company is currently working on three new projects, one of which is Phoenix Grand Victoria in Alipore, Kolkata. The project was announced in 2021 while the construction started in 2023. The mall is planned to be based on a 7.48 acre area with one million square feet of retail area in its first phase, which is on course to open in 2026. Along with retail shops, the mall will contain a multiplex, food court, gaming and entertainment space and a wellness centre. There will be 1,834 underground parking spaces.
Set in the thriving neighbourhood of Bangalore and developed by Sai Lakshmi Industries Private Limited, Essensai067 is more than a retail development – it is a reimagined social space where food, fashion, art and music come together to foster human connection. Spanning 5.16 acres and opened earlier this year in April, this dynamic indoor-outdoor interactive development offers over 155,355sq ft of thoughtfully designed spaces. Key features of the site include retail & culinary delights across 23 premium retail units and 12 diverse F&B outlets. There will be unique experiences on site through an adventure park, a pet-friendly plaza and an amphitheatre for curated performances, highlighting how Essensai067 offers more than just shopping. From yoga and wellness programs to vibrant social events, Essensai067 is designed to become a cultural hub for the neighbourhood’s 26,000 apartments and growing population.
M5 Ecity Mall, a shopping centre developed by Mahendra Homes, launched in Bengaluru back on 25 October last year. Spanning an area of 6.8 lakh square feet of retail space, the mall is located at Electronic City Phase II, South Bengaluru. It is the first integrated mall in Electronic City, located on the corridor of Silk board to Hosur with five levels of branded retail. The mall showcases over 150 homegrown and international brands across fashion, lifestyle, beauty, home decor and electronics. Lulu Group’s Lulu Hypermarket will be another key attraction at the mall, making it the third Lulu Hypermarket in Bengaluru, following the Global Lulu Mall and Forum Falcon Mall. Additionally, it features a 550-seater food court and more than 18 food and beverage brands, including options for fine dining, food court outlets and cafes. Moreover, a family entertainment centre, Funcity and an eight-screen PVR INOX Cinemas are also part of the mall’s offerings.
Value Mall by Texvalley, South India’s premier integrated textile marketplace, opened in Erode in June 2025. Texvalley is owned by Erode Textile Mall Ltd., a special purpose vehicle (SPV) promoted by two prominent business groups, Lotus Group and URC Group. As South India’s first and largest outlet mall, it will span over 500,000sq ft and feature over 100 national and international brands. The mall also features a 600-seat food court, where shoppers can indulge in a culinary experience with over 10 food and beverage brands such as McDonald’s, KFC, Wow Momos, Wow China, Chicking and more. A 25,000sq ft hypermarket will provide shoppers with a comprehensive selection of daily essentials. Additionally, the mall houses an 18,000sq ft indoor family entertainment centre, along with a 25,000sq ft outdoor gaming arena, featuring turfs and pickleball courts. Beyond Squarefeet, an Indian shopping mall specialist, played a pivotal role in re-orienting, marketing and leasing and managing the mall.
Developer Pacific Group will develop a 15 lakh square feet shopping mall and a hotel in Jaipur to expand its business amid rising demand for premium retail spaces. The company has acquired an 11-acre land parcel for the project which will be called Pacific Mall Jaipur. The development will also include a 130-room hotel, which will be operated by a reputed hospitality chain. The mall is expected to be operational by the end of 2026, with the hotel slated to open in 2027, as per a PTI Report. The group, which currently operates nine shopping malls totalling over 30 lakh square feet across Delhi, Ghaziabad, Faridabad and Dehradun, is now entering the Rajasthan market and upon completion, the mall will become the largest mall in Rajasthan.
In September last year, UAE-based multinational conglomerate company Lulu Group opened a new mall in Kozhikode. With an investment of Rs 800 crore, the mall is spread across 3.5 lakh square feet and features a 1.5 lakh square feet LuLu Hypermarket, LuLu Fashion Store, LuLu Connect and Funtura. The Hypermarket offers a comprehensive range of products, from every day groceries to gourmet delicacies and fresh farm produce, ensuring a wide range of global products under one roof. The food court, with seating for over 500, offers a variety of culinary options from beloved brands including KFC, Chicking, Pizza Hut and Baskin Robbins alongside fusion restaurants Flame ‘n’ Go and Starbucks. Boasting an array of nearly 50 national and regional brands spread across its expansive floors, including renowned brands such as Tissot, Skechers, SWA Diamonds, Celio, Levi’s, US Polo, Louis Philippe, Allen Solly, Poshe Salon and Lens & Frames, LuLu Mall Kozhikode offers an unmatched shopping experience. Additionally, the mall is equipped with five self-checkout counters and 1,800 dedicated parking spaces for convenience.
Mangaluru is gearing up for a significant retail transformation with the scheduled launch of Rohan Mall by the end of 2025. Developed by Rohan Corporation, this new mall at Kulshekar is expected to be a game-changer for the city and its surrounding areas. Spanning across 6.25 acres, Rohan Mall will feature a massive three lakh square feet of built-up area. The mall will boast three levels of basement parking to accommodate the expected influx of visitors. In addition to retail offerings, the development will house IT offices and a 100-room, three-star business hotel, complete with banquet facilities. This marks Rohan Corporation’s first foray into the shopping centre segment, as the company is usually renowned for its residential, commercial and mixed-use projects. Positioned as a value and factory outlet destination, Rohan Mall will offer a wide range of household brands in apparel, accessories, sports, beauty, food and entertainment categories. The mall will be spread across three floors and will include a hypermarket, a four-screen multiplex and two family entertainment centres.
Opened back in March and developed by Oberoi Realty, Sky City Mall seamlessly combines luxury, leisure and entertainment to create an unparalleled experience. With premium global brands, exquisite rooftop dining and a stunning sky-lit atrium, every detail has been thoughtfully designed to delight. Signature attractions, such as a 1,350-capacity multiplex and a vibrant entertainment zone, make it a haven for families, friends and communities to gather. Located off western express highway in Borivali East in Mumbai, Sky City Mall is the ultimate destination for entertainment, dining and unforgettable shopping experiences and features 1.2 million square feet of retail space that incorporates a blend of luxury brands, high-street fashion and everyday essentials. There is also a 10-screen INOX multiplex and massive food courts and fine dining options. The mall is part of the expansive Sky City project, a 25-acre integrated township featuring luxury residences and world-class infrastructure.
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. 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.
Ingka Centres, part of Ingka Group, which also includes IKEA Retail, has announced the development of Lykli Noida, the company’s second meeting place in India and a significant step forward to evolving organised retail in the country. The new Ingka Centres complex represents an investment of INR 5,500 crores and is expected to generate over 9,000 jobs for the many people of Uttar Pradesh. Scheduled to open in a few years in 2028, Lykli Noida will be Ingka Centres first complex worldwide to include a hotel and is expected to attract over 25 million visitors annually. Lykli Noida represents a new era of retail destinations in the Delhi national capital region (NCR). Anchored by an IKEA store, the complex will spread across 47,833sq m and is one of the biggest retail projects in Delhi NCR. The project’s overall form is inspired by the concept of confluence. The two towers are positioned to face and mirror the confluence of the train lines at the site, making the project a symbol of the continuous flow of people migrating to Noida from all parts of India, seeking a better and more fulfilling lifestyle, over the last 40 years.
Grand Galleria, the first-ever mall in Purnia, Bihar, is set to open in December 2025 by developer Grand Galleria Ltd. Strategically located at KP Extension, Kaptan Para, the project marks a significant step toward organised retail in India’s tier-2 and tier-3 cities. Spanning 1.5 lakh square feet of gross leasable area (GLA), the mall will bring modern shopping and entertainment experiences to the region. Key features include over 40 vanilla stores, five anchor and mini-anchor stores and a food court with more than 350 seats. The mall will also house a four-screen multiplex with seating for over 750, along with parking for more than 150 cars. Serving an untapped catchment area within a 100km radius, Grand Galleria will create a strong platform for brand expansion and investment opportunities.
Launched earlier this year in Raipur, Zora The Mall has been completely revamped and has become one of the prominent retail destinations of Central India. The project features a retail area of approximately one million square feet along with 200,000sq ft of office space and a 110-room hotel. The mall provides a retail environment that was planned and designed to inspire and elevate one’s senses, while also bringing together an eclectic mix of dining formats & food services alongside entertainment complimented by a complete spectrum of retail categories in a balanced manner. Also within the mall is a new state-of-the-art, five-screen multiplex along with an auditorium, the biggest Family Entertainment Centre, a food court 10- 15 multi-cuisine restaurants including pubs and lounges, 8-10 anchor stores, 125-150 vanilla stores and a hypermarket all of which are distributed across the four levels of the mall.
Located in Thrissur in the state of Kerala and opened in December by developer HiLITE Group, the HiLITE Mall features over 125 stores of regional, national and international brands. Situated between NH 47 and SH 22, the mall has a total area of 7.4 lakh square feet and a leasable area of four lakh square feet. The mall’s lower ground floor features a Lulu Hypermarket along with a selection of stores. The ground floor showcases premium brands, while the first floor is dedicated to men’s fashion and accessories. The second floor hosts a variety of offerings, including a few restaurants, women’s and kids’ fashion, as well as beauty and wellness brands. Some of the brands present in the mall include Lifestyle, Gap, U S Polo, Rare Rabbit, Nykaa Luxe, Levi’s, Raymond and Feeling Perfume Bar, among others. The third floor includes the food court and the family entertainment centre, Playaza, the indoor entertainment brand by Malabar Group. The 600-seat food court houses brands like KFC, Popeyes, Pizza Hut, Domino’s, Burger King and Subway, among others. Finally, Palaxi Cinemas occupies the fourth floor and the mall’s terrace serves as a space for open-air activities and entertainment events.
Taurus Zentrum is a shopping mall under construction in Thiruvananthapuram, Kerala, India and the latest indications are that it is will open in 2027. 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 theatre 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.
