Real estate developer Prestige Group is expanding its retail footprint with new mall projects in Mumbai and Delhi-NCR, adding to its growing commercial portfolio, as published by Hindustan Times.
The Bengaluru-based company is constructing a 200,000-square-foot mall in Mumbai’s Mulund area, focusing heavily on the food and beverage sector with more than 25 restaurants. Additionally, it plans to develop a 1 million-square-foot mall in Indirapuram, part of the Prestige City township, pending approval from the Real Estate Regulatory Authority (RERA), said Muhammed Ali, CEO of Prestige Group’s retail division.
Prestige Group currently has about 8 million square feet of retail space under development across Mumbai, Delhi-NCR, Bengaluru, Chennai, and Hyderabad. All projects are expected to be operational between 2028 and 2029, Ali told HT.com.
The company is also in discussions for another mall project in Delhi-NCR, though details have not been disclosed. In Mumbai, Prestige Group plans to develop a 1 million-square-foot luxury mall in a prime location but has yet to reveal specifics.
Ali said the company sold 4.4 million square feet of retail space across seven malls for approximately ₹9,000 crore in 2021. Prestige Group currently holds a 15% market share in India’s shopping mall sector. In June 2023, it sold two-thirds of its retail business to Nexus Malls, backed by Blackstone.
Beyond Mumbai and Delhi-NCR, Prestige Group is planning three new malls in Hyderabad and has acquired land in Goa for a 600,000-square-foot retail and entertainment center. In Bengaluru, the company is constructing a 1 million-square-foot mall in Sarjapura, another in Whitefield, and an athleisure-focused mall in North Bengaluru.
The North Bengaluru project will feature 800,000 square feet of retail space, with 300,000 square feet dedicated to sportswear and accessories, 250,000 square feet for food and entertainment, and another 250,000 square feet for gaming experiences. The mall is expected to be operational by early 2027.
In Chennai, Prestige Group is developing a 1 million-square-foot mall along Old Mahabalipuram Road (OMR).
Ali noted that most of the company’s upcoming malls will be integrated into larger townships or hospitality projects, offering mixed-use benefits.
“For example, the Mulund mall is part of a township, and the Chennai project will be integrated with a five-star hotel. This approach helps overcome infrastructure challenges, optimizes land use, and creates a seamless live-work-shop ecosystem,” he said.
The strategy also addresses rising land costs and space constraints in prime locations. However, Ali acknowledged that malls exceeding five floors often struggle to attract foot traffic, making vertical expansion less viable.
One exception is a planned standalone retail mall in Hyderabad’s Banjara Hills, which will be a smaller project compared to Prestige Group’s other developments.
Additionally, the company is working on a significant athleisure-focused mall in North Bengaluru, featuring over 3 lakh square feet of premium sports brands, 2.5 lakh square feet of food and entertainment, and 2.5 lakh square feet of gaming experiences. This will mark the first time so many premium sports brands will be housed under one roof in India.