Indira Gandhi International Airport's Aerocity is poised to unveil India's largest mall by 2027!

by  EVENTFAQS Bureau Industry Watch | June 3, 2024 | News

Indira Gandhi International Airport's Aerocity

Indira Gandhi International Airport's Aerocity is poised to unveil India's largest mall by 2027, spanning over 2.8 million square feet.

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.

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 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 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.

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.

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.

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.