Prestige Group expanding its mall portfolio with new properties in Mumbai and Delhi-NCR

Prestige Group is constructing a 2 lakh sq ft mall in Mumbai's Mulund and is awaiting RERA approvals for its mall in Delhi-NCR's Indirapuram.

Published on: Feb 5, 2025, 13:33:15 IST

By Souptik Datta

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Bengaluru-based listed real estate developer Prestige Group has about 8 million sq ft of malls under construction in Mumbai, Delhi-NCR, Bengaluru, Chennai and Hyderabad, Muhammed Ali, CEO of Prestige Group, Retail told HT.com.

Bengaluru-based listed real estate developer Prestige Group has 8 million sq ft of malls under construction in Mumbai, Delhi-NCR, Bengaluru, Chennai and Hyderabad, Muhammed Ali, CEO of Prestige Group said. (Picture for representational purposes only) (Pixabay)

"In Mumbai's Mulund, we are constructing a 2 lakh sq ft mall with over 25 restaurants and will be dominated by the food and beverage segment. In Delhi NCR, we plan to construct a 1 million sq ft mall, part of the Prestige City township in Indirapuram," Ali added.

He said all malls under construction will be operational by 2028-2029.

RERA approval is awaited for the mall project in Indirapuram. Ali said that the company is in the process of signing up for another mall project in Delhi-NCR but did not disclose details.

Also Read: Prestige Group buys 22,135 sq m of land in Mumbai for ₹291.6 crore

He said the company plans to develop another 1 million sq ft luxury mall in Mumbai's prime area but did not share further details.

Ali said the company sold 4.4 million square feet of retail space in seven shopping malls for about ₹9,000 crore in 2021. The Group currently holds a 15 per cent share in malls.

Other malls in the pipeline

The company also plans to launch three malls in Hyderabad.

"We already have a land parcel in Goa, and we are planning for a 6 lakh sq ft mall with food and entertainment," Ali added.

In Bengaluru, the Group is building a 1 million sq ft mall in Sarjapura, one in Whitefield, and an athleisure mall in north Bengaluru. The company is developing a 1 million sq ft mall in Chennaion Old Mahabalipuram Road (OMR).

"In north Bengaluru, we are working on an 8 lakh sq ft of mall space dominated by athleisure. We will have over 3 lakh sq ft of sportswear and accessories with all the top sports brands, 2.5 lakh sq ft of food and entertainment and 2.5 lakh sq ft of gaming experience. We will probably see so many premium sports brands under one roof for the first time," Ali said.

The mall is set to be operational by the first quarter of 2027.

Also Read: Prestige Estates plans to launch 43 real estate projects across segments in seven cities

Integrated versus standalone malls

Ali said that most of the malls in the pipeline will either be part of an integrated township or a hotel property.

"For example, Mumbai's Mulund mall property is part of a township, and the Chennai one will be part of a five-star hotel. Such integrated developments provide additional benefits and create an ecosystem to live, work and shop. It also provides easy access to the retail stores and helps us deal with infrastructural challenges," Ali added.

He pointed out that integrated malls also help in cases of rising land costs and the availability of land parcels in prime areas. "To maximise floor space index (FSI) we need to build vertical developments. However, malls with more than five floors do not attract traffic,” he said.

Ali said that one of its upcoming mall properties, a retail mall in Hyderabad's prime Banjara Hills, will be a standalone but smaller size.

ABOUT THE AUTHOR
Souptik Datta
Souptik Datta is a deputy chief content producer at Hindustan Times Digital, where he reports on southern India with a focus on real estate, urban infrastructure and environmental urban issues. His coverage tracks the intersection of policy, capital flows, regulation and sustainability, examining how these forces shape housing markets, commercial real estate and large-scale infrastructure development across rapidly transforming cities. He also closely tracks civic issues affecting urban residents, including property taxation, planning approvals, public transport expansion, water stress, waste management and the governance challenges that influence everyday life in India’s metros. Souptik’s reporting is driven by a strong interest in accountability, consumer rights and the lived realities of homebuyers and investors navigating volatile pricing cycles, regulatory changes and project delivery risks. He frequently analyses project launches, land monetisation strategies, planning frameworks, RERA-related developments and the broader implications of infrastructure investments on emerging growth corridors. His work blends on-ground reporting with data-backed analysis and long-form explainers aimed at demystifying complex real estate and infrastructure developments for readers. He is an alumnus of the Indian Institute of Journalism and New Media. Before joining Hindustan Times Digital, Souptik was associated with Moneycontrol at Network 18, where he covered real estate, infrastructure and allied sectors, producing market insights, policy-led stories and in-depth features. Outside the newsroom, Souptik is an avid solo traveller and documentary enthusiast, exploring diverse regions and visually documenting unique narratives through film and photography. In his early career, Souptik also freelanced as a documentary photographer, independently working on visual storytelling projects that captured grassroots narratives, urban change and everyday life. He can be reached at souptik.datta@htdigital.in.Read More

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