PML plans retail GLA above 18 million sq ft and 2,188 hotel keys

Phoenix Mills (PML) has outlined a development plan that targets more than 18 million square feet of retail gross leasable area by 2030, versus about 11 million square feet in 2025. The plan also shows about 9 million square feet of offices, about 7 million square feet of residential area and about 2,188 hotel keys by 2030.

What are PML’s portfolio targets through 2030?

PML’s stated 2030 target is more than 18 million square feet of retail gross leasable area, or GLA, alongside about 9 million square feet of offices, about 7 million square feet of cumulative residential area and about 2,188 hotel keys. The company presents these figures as estimates based on current plans and market or company norms, which may change with development-plan revisions and tenant negotiations.

PML’s interim plan calls for retail GLA to rise by more than 3 million square feet from about 11 million square feet in 2025 to above 14 million square feet by 2027 - 2028. Offices are shown increasing from about 5 million to about 7 million square feet over the same period, while hotel capacity rises from about 588 to about 988 keys. By 2030, the displayed retail target is more than 7 million square feet above the 2025 base.

The hotel plan has the largest step after the interim period: the target rises from about 988 keys by 2027 - 2028 to about 2,188 keys by 2030. Residential cumulative area is similarly shown moving from about 4.5 million square feet in the interim period to about 7 million square feet by 2030. PML labels residential area as cumulative area, rather than GLA.

Which PML projects are scheduled to complete by 2028?

PML lists six destination projects for 2027 and one office project for 2028. The 2027 retail schedule comprises Phoenix Grand Victoria, Kolkata, at about 1 million square feet; Phoenix MarketCity Bangalore Expansion at about 0.2 million square feet; Phoenix Palladium, Mumbai Expansion at about 0.45 million square feet; and Phoenix Surat at about 1 million square feet.

Those four named retail projects represent about 2.65 million square feet of area based on PML’s approximate project figures. Phoenix Surat is specifically marked as targeted for completion by the end of 2027, which identifies a target rather than a completed delivery. The 2027 schedule also includes Art Exchange, Bengaluru, with about 0.4 million square feet of offices.

Grand Hyatt Bangalore is the hotel addition on the 2027 list, with up to 400 keys. That project is relevant to PML’s interim hotel target of about 988 keys by 2027 - 2028, compared with about 588 keys in 2025. PML does not state in these pages how the remaining hotel-key increase to the interim target is distributed among its projects.

Rise Offices, Mumbai, is scheduled for 2028 with about 1.6 million square feet of offices. Together with Art Exchange, the two listed office additions total about 2 million square feet, broadly corresponding with PML’s portfolio table, which shows offices increasing from about 5 million square feet in 2025 to about 7 million square feet by 2027 - 2028.

Which PML projects have moved from approvals to execution?

PML says excavation has commenced at the Phase 1 retail projects in Thane, Coimbatore and Chandigarh. The stated retail GLA is about 1.30 million square feet at Thane, about 1 million square feet at Coimbatore and about 1.70 million square feet at Chandigarh.

The three excavation-stage schemes therefore account for about 4 million square feet of planned retail GLA. Unlike the projects listed for 2027 and 2028, PML does not disclose a completion year for Thane, Coimbatore or Chandigarh on the execution-status page. Their inclusion shows construction activity, but not a stated delivery timetable.

PML separately says Bangalore Expansion Phase 3 has secured approvals and had civil contracts awarded. The project includes retail, office and hotel components, placing it across three of PML’s planned portfolio segments. The presentation does not provide its area, hotel-key count or expected completion date, so it cannot be added to the quantified delivery totals.

The disclosed milestones distinguish the construction pipeline by stage. Excavation has started at the three Phase 1 retail sites, while Bangalore Expansion Phase 3 has passed approvals and civil-contract awards. PML describes all four as projects moving from approvals to execution, but provides no later-stage construction or leasing metrics for them on pages 33 and 34.

How does PML link its existing portfolio to the 2030 plan?

PML says its growth roadmap to 2030 is embedded within existing assets, land parcels and development rights already under its control. Its campus-densification plan includes adding 1.6 million square feet of offices and 0.45 million square feet of retail at the Phoenix Palladium campus in Lower Parel.

The company also identifies Phoenix MarketCity Bangalore as a mixed-use campus expected to grow from 1 million square feet to more than 4 million square feet. That planned expansion is separate from the 0.2 million-square-foot Phoenix MarketCity Bangalore Expansion listed for 2027, although the presentation does not reconcile the timing or components of the wider campus figure.

Alongside new development, PML identifies operational mechanisms for portfolio growth. These include rental uplift from rechurned space, trading occupancy ramping toward about 95% as stores open, and repricing at contractual lease expiries. PML also identifies higher leased occupancy in its office portfolio as a driver of earnings before interest, tax, depreciation and amortisation, or EBITDA, without attaching a date-specific EBITDA amount.

PML’s Phoenix MarketCity Bangalore re-layout case study illustrates the operating mechanism. It shows GLA rising from 0.82 lakh square feet to 0.87 lakh square feet, projected trading density increasing from Rs 568 per square foot per month to Rs 2,932, and monthly rent rising from Rs 0.65 crore to Rs 1.23 crore after stabilisation. The company attributes the change to replacing a hypermarket and one fashion anchor with one electronics and two fashion anchors.

Conclusion

PML’s disclosed plan combines a quantified 2030 portfolio target with identified projects at different stages. The move from about 11 million square feet of retail GLA in 2025 to more than 18 million square feet by 2030 is paired with office growth from about 5 million to about 9 million square feet and hotel capacity rising from about 588 to about 2,188 keys.

The next disclosed milestones are the end-2027 completion target for Phoenix Surat and the 2028 schedule for Rise Offices, Mumbai. PML has not provided completion dates or sizes for Thane, Coimbatore, Chandigarh or Bangalore Expansion Phase 3, while its GLA estimates remain subject to changes in development plans and tenant negotiations.