May 10, 2024: Plans are underway for the unveiling of India’s largest mall, spanning over 2.8 million square foot (msf), within the premises of Indira Gandhi International Airport‘s Aerocity by 2027. This ambitious project, known as Worldmark Aerocity, is part of a $2.5 billion expansion initiative aimed at establishing India’s first aerotropolis—a dynamic urban area centered around an airport. Forecasts suggest that this aerotropolis will experience an eightfold growth over the next five years.
At present, Aerocity already offers 1.5 msf of leasable space, with intentions to expand to over 10 msf by 2029 in two distinct phases. The envisioned global business district will witness a substantial 6.5 msf expansion, culminating in a total leasable area of 18 msf. This expansive area will encompass office spaces, retail outlets, food courts, a sizable mall and various public areas. Bharti Realty, the designated developer for Aerocity, secured the project from Delhi International Airport Ltd (DIAL), backed by GMR, with state ownership remaining unaffected.
Phases 2 and 3 of the project are expected to necessitate a $2.5 billion investment, to be financed through a blend of debt and equity. Phase 2 is slated to introduce Worldmark 4, 5, 6, and 7, incorporating 3.5 msf of leasable space, alongside India’s largest mall spanning 2.8 msf—three times the size of existing Vasant Kunj malls. Commencement of Phase 2 is scheduled for the upcoming year, with a targeted completion date set for March 2027. Underground parking facilities accommodating over 8,000 vehicles will also be provided.
Currently, Aerocity features 5,000 hotel rooms distributed across 11 hotels, including prestigious names such as JW Marriott, Accor Group, and Roseate. Upon the conclusion of Phase 2, the number of hotel rooms is anticipated to rise to 7,000 across 16 hotels. Esteemed brands like St Regis and JW Marriott Marquis are poised to join the district, enhancing its appeal and stature.
The successful implementation of Phase 1 of the project has already attracted prominent corporate entities such as Airbus, EY, IMF, KPMG, Emirates, and Pernod Ricard. Additionally, two years ago, Brookfield, a leading global alternative investment management firm, acquired a 51% stake in Bharti’s four commercial properties, including Aerocity Worldmark Phase 1, for an enterprise value of Rs 5,000 crore.
(Featured image: www.bhartirealestate.com)
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
Email: dhwani.meharchandani@housing.com
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