A new retail space of 9 million sq ft soon to be constructed in Mumbai & Delhi NCR

One of the forefront developers in Bangalore, Prestige Group is developing 9 million sq ft of malls within the next three years. According to their spokesperson, the real estate farm is planning to expand their footsteps in commercial retail space and to get this planning a concrete form they are signing a deal in Delhi-NCR, without disclosing any detail.

Previously, in 2021, the company sold 4.4 million square feet of retail space in seven shopping malls in 2021, with an estimated value of Rs. 9,000 crore. According to their statement, the group holds a 15 percent share in the malls.

In June 2023, the company sold two-thirds of its retail business to Blackstone-backed Nexus Malls. Currently, Prestige Group operates four malls in Bengaluru and Kochi, it plans to develop eight more malls across various stages in cities such as Chennai and Hyderabad, focusing on meeting consumer preferences for comprehensive shopping experiences.

The company said that, they are on right track to rebrand its malls business with the aim of attracting more international brands and making visits experiential for customers at the upcoming malls.

CEO of Retail, Prestige Group, Muhammad Ali, said, "Only 38 malls out of more than 500 across India clock a revenue of Rs 100 crore in a month, which is less than 10 percent, thus missing the Big Billion League of malls in India. Our Forum mall in South Bengaluru launched last year and reached Rs 100 crore revenue within 11 months."

He also added that, Prestige’s upcoming malls will not only have a destination retail segment but also will include live music areas and cinemas, apart from providing technology-enabled experiences. He picked up the example of the Forum Rexwalk on Bengaluru's Brigade Road, which has 14 restaurants and a theatre.

In Q2FY24, the group recorded  Rs. 7,092.6 crore in sales, up 102 percent year-on-year. In H1 of calendar year 2023, the company registered sales of Rs. 11,007.3 crore, up by 69 percent over the previous year and customer collections of Rs. 5,380.6 million, 13 percent higher than a year earlier.