 "India's biggest mall to come up at Delhi airport's Aerocity by 2027")
By 2027, Indira Gandhi International Airport's Aerocity is poised to unveil India's largest mall, spanning over 2.8 million square feet, as reported by the Times of India.
This development is part of a $2.5 billion expansion project called Worldmark Aerocity. The project aims to construct India's inaugural aerotropolis—a metropolitan area around an airport—which is projected to grow eightfold within the next five years, the report claimed.
Currently, Aerocity offers 1.5 million square feet of leasable space, with plans to add over 10 million square feet by 2029 in two phases.
The TOI report further added that the global business district will undergo a 6.5 million square feet expansion, resulting in a total leasable area of 18 million square feet, accommodating offices, retail outlets, food courts, a large-scale mall, and public areas.
The development of Aerocity was awarded to Bharti Realty by GMR-backed Delhi International Airport Ltd (DIAL). Bharti Realty holds the lease for Aerocity, which coincides with DIAL's lease for airport development and operations, while state ownership remains unchanged.
Bharti Realty's plans for phases 2 and 3 of Aerocity expansion
The report cited SK Sayal, MD and CEO of Bharti Realty, as saying that phases 2 and 3 will require a $2.5 billion investment, funded through a combination of debt and equity. Phase 2 will introduce Worldmark 4, 5, 6, and 7, featuring 3.5 million feet of leasable space and India's largest mall covering 2.8 million square feet—three times the size of existing Vasant Kunj malls. Phase 2 is scheduled for commencement next year, with completion slated for March 2027.
Parking facilities for over 8,000 cars will be provided underground, TOI said.
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Presently, Aerocity boasts 5,000 hotel rooms across 11 hotels, including JW Marriott, Accor Group, and Roseate. Upon completion of Phase 2, the room count will increase to 7,000 across 16 hotels, with renowned names such as St Regis and JW Marriott Marquis joining the district between Aerocity metro station and the existing hotel hub.
While phase 1 attracted leading corporate entities like Airbus, EY, IMF, KPMG, Emirates, and Pernod Ricard, it also witnessed Brookfield, a prominent alternative investment management company worldwide, acquiring a 51 per cent stake in Bharti's four commercial properties, including Aerocity Worldmark Phase 1, for an enterprise value of Rs 5,000 crore, two years ago.
Plans for sustenance after inauguration
Upon completion, Aerocity is projected to host 2 million professionals and attract an annual footfall of at least 30 million. With this surge, IGI Airport could potentially serve over 100 million passengers annually, progressing towards replacing T2 with the significantly larger T4, thereby increasing the airport's yearly capacity to over 140 million travellers.
Additionally, considering the workforce at the mega airport, encompassing both passenger and cargo sectors, the area is poised to become a bustling hub.
To accommodate this growth, DIAL is developing India's inaugural interstate multi-modal transport hub near the Aerocity metro station, likely integrating an interstate bus terminus, Delhi Metro's upcoming Phase 4 line, and the Rapid Rail Transit System station, including the station for the automated passenger mover or air train.
Currently, DIAL and the Union aviation ministry are engaged in discussions regarding the number of stops the proposed air train linking T1 on one side and T3/2 (or T4 in lieu of T2 by the decade's end) should include. While the airport operator advocates for two air train stations in Aerocity, the ministry leans towards fewer stops to ensure swift intra-terminal transfers.
What are some of the other big malls in India?
Inaugurated in 2013 by the then Kerala's Chief Minister Oommen Chandy, LuLu Mall in Kochi spreads across 2.5 million square feet, making it the largest mall in India.
Then there is the Phoenix Marketcity in Mumbai, established in 2011, encompassing 2.1 million square feet. The DLF Mall of India in Noida, launched in 2016, covers a sprawling 2 million square feet. Ambience Mall, Gurugram, established in 2007, stands as one of India's largest shopping mall, spread across 1.8 million square feet.