India's Largest Mall Set to Open at Delhi Airport's Aerocity by 2027

By 2027, Indira Gandhi International Airport's Aerocity is set to unveil India's largest mall, covering over 2.8 million square feet, as part of a major expansion project called Worldmark Aerocity. According to the Times of India, this initiative is part of a $2.5 billion plan to create India's first aerotropolis, a metropolitan area centered around an airport. The project is expected to grow eightfold within the next five years.

Aerocity currently offers 1.5 million square feet of leasable space, but plans are underway to add over 10 million square feet by 2029 in two phases. This expansion includes a 6.5 million square feet addition to the global business district, resulting in a total of 18 million square feet of leasable space. The area will encompass offices, retail outlets, food courts, the large-scale mall, and public areas.

The development rights for Aerocity were awarded to Bharti Realty by GMR-backed Delhi International Airport Ltd (DIAL). Bharti Realty's lease for Aerocity aligns with DIAL's lease for airport development and operations, while ownership of the land remains with the state.

SK Sayal, Managing Director and CEO of Bharti Realty, stated that the second and third phases of the project 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, offering 3.5 million square feet of leasable space and India's largest mall. Phase 2 is set to begin construction next year, with completion expected by March 2027. The underground parking facilities will have capacity for over 8,000 cars.

Aerocity currently has 5,000 hotel rooms across 11 hotels, with major names like JW Marriott, Accor Group, and Roseate. After Phase 2's completion, the number of hotel rooms will increase to 7,000 across 16 hotels, with St Regis and JW Marriott Marquis joining the roster.

Phase 1 of the development attracted leading corporate entities such as Airbus, EY, IMF, KPMG, Emirates, and Pernod Ricard. Brookfield, a 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.

Once completed, Aerocity is projected to host 2 million professionals and attract at least 30 million visitors annually. The expansion could potentially boost Indira Gandhi International Airport's capacity to over 100 million passengers annually, leading to the eventual replacement of Terminal 2 with a larger Terminal 4, pushing the airport's capacity to over 140 million travellers.

Additionally, the airport's development could lead to the creation of India's first interstate multi-modal transport hub near the Aerocity metro station, integrating an interstate bus terminus, Delhi Metro's upcoming Phase 4 line, and the Rapid Rail Transit System station, including an air train for automated passenger movement.

Given the rapid growth of the Aerocity area, this development is expected to transform the region into a dynamic business and tourism hub, driving further economic activity and infrastructure development.

BS