Aerocity at Indira Gandhi International Airport is preparing to open India’s largest mall by 2027. The enormous building will cover more than 2.8 million square feet. The ambitious project is a component of the larger Worldmark Aerocity expansion initiative, which is valued at $2.5 billion. The goal of this expansion is to build India’s first aerotropolis, or bustling urban centre centred around the airport, not just a mall.
India’s Largest Mall To Aerocity By 2027
It is anticipated that this aerotropolis will grow eight times over the next five years, according to The Times of India. Aerocity currently has 1.5 million square feet of leasable space available; however, in two phases by 2029, this is expected to be increased to over 10 million square feet. This covers not just stores but also public spaces, food courts, and offices.
As per the Business Standard reports, 6.5 million square feet of additional leasable space will be added to Aerocity’s global business district, bringing the total area to 18 million square feet. The responsibility for this grand development falls on Bharti Realty, awarded the project by Delhi International Airport Ltd (DIAL), backed by GMR. While the state maintains ownership, Bharti Realty’s lease for Aerocity is in line with DIAL’s lease for airport development and operations.
According to SK Sayal, MD and CEO of Bharti Realty, phase 2 and 3 of Aerocity’s expansion will require a substantial $2.5 billion investment, financed through a combination of debt and equity. Phase 2 is set to begin next year and will feature Worldmark 4, 5, 6, and 7, as well as the largest mall in India, spanning 2.8 million square feet and dwarfing the current malls in Vasant Kunj.
More than 8,000 parking spaces will be available underground. Furthermore, Aerocity’s hotel infrastructure is expected to expand significantly. After Phase 2 is finished, the city’s 5,000 hotel rooms spread across 11 hotels will increase to 7,000 rooms spread across 16 hotels.
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Drawing Millions Into Its Fold
Even the biggest companies are drawn to Aerocity. Airbus, EY, and Emirates are just a few of the companies that have expressed interest in Phase 1. Meanwhile, Brookfield, a multinational investment firm, has taken a majority share in Bharti’s commercial properties, which includes Aerocity Worldmark Phase 1. In the future, Aerocity is expected to attract at least 30 million visitors annually and develop into a hub for 2 million professionals. T
With its projected growth, IGI Airport could handle over 100 million passengers a year, possibly requiring the much larger Terminal 4 to be built in place of Terminal 2. DIAL is building India’s first interstate multi-modal transport hub close to the Aerocity metro station to handle this increase in activity, according to the Business Standard.
The configuration of the proposed air train, which would connect Terminal 1 with Terminal 3/2 (or Terminal 4, depending on future developments), is still up for discussion between DIAL and the Union Aviation Ministry.
Cover Image Courtesy: Canva (Representative image)