New Delhi: Prestige Group, one of India’s top property developers, is in active discussions to develop a mall each in Goa and Mumbai, and is also scouting for land in Delhi as part of its plans to expand beyond southern India to tap a post-pande- mic boom in demand for physical retail space. The Bengaluru-based property developer runs a total of four malls in Bengaluru and Kochi. It has planned eight more malls in these two cities, as well as in Chen- nai and Hyderabad, which are at va- rious stages of development.
“Majority of our upcoming malls are over one million sq ft as consumers are looking for every shop un- der one roof and retailers are also expanding the size of the store. We are confident in physical retail and the future plan is in line with the demand,” said Muhammad Ali, CEO, Forum Malls of Prestige Group. The company had sold two-thirds of its re- tail business to Blackstone-backed Nexus Malls but has now decided to renew its mall portfolio.
“We have done 8 million sq ft in over 20 years but will develop more than 13 million sq ft in just 3-4 years. Both Goa and Mumbai projects will be announced soon while we are actively looking for land in Delhi-NCR,” said Ali. In 2021, the company had sold 4.4 million sq ft of retail space spread across seven shopping malls for an estimated 19,000 crore to Nexus Malls.
Prestige’s ambitious plans come in the backdrop of organised retail forming only about 13% of the total retail portfolio in India. This has led property developers to believe that there is a great opportunity to build more malls with almost all brands being in a growth phase and pursuing more retail space.
“We have recently opened a mall in Kochi, which has become the best performing mall in the region. Bengaluru, which has been our stronghold, will also see more retail development by the group. Some of these malls come with a hotel, which gives us the opportunity to expand the client base,” said Ali.