The global business district will then be enlarged by an additional 65 lakh square feet, creating 1.8 crore square feet of leasable space that may be used for public areas, retail stores, food courts, offices, and a mega mall. After a mammoth $2.5 billion expansion that would see the nation’s first aerotropolis (metropolis near an airport) increase by about eight times in the following five years, Indira Gandhi International Airport’s Aerocity will have India’s largest mall by 2027.
By 2029, Aerocity’s leasable area will have grown to nearly one crore square feet in two phases from its existing 15 lakh square feet.According to Saurabh Sinha, IGIA’s Aerocity is expected to have India’s largest mall—spanning more than 28 lakh square feet—by 2027.
This is a part of an expansion worth $2.5 billion that will see the first aerotropolis in the nation—a city near an airport—built and increase eight times over the course of the next five years. By 2029, Aerocity—which currently has 15 lakh square feet of leasable area—will have over 1 crore additional square feet.
That’s not the end of the story. The global business district would then be extended by an additional 65 lakh square feet, creating 1.8 crore square feet of leasable space for public areas, retail stores, food courts, offices, and a mega mall with an entertainment center.’
“A $2.5 billion investment will be made in phases two and three, with funds raised through a combination of loan and equity. Phase 2 of Aerocity’s development will include Worldmark 4, 5, 6, and 7 with a leasable area of 35 lakh square feet and India’s largest mall, spanning over 28 lakh square feet and three times the size of the current malls in Vasant Kunj.
Phase 2 delivery will begin in 2019 and the project would be finished by March 2027, according to SK Sayal, MD & CEO of Bharti Realty, who revealed the designs for India’s largest aeropolis, which will be located near to the country’s busiest airport, to TOI. More than 8,000 cars are to be parked underground, according to plans.
Aerocity currently operates 5,000 hotel rooms across 11 prestigious establishments, including Roseate, JW Marriott, and Accor Group. Between the Aerocity metro station and the current hotel district, Phase 2 will include 16 hotels with prestigious names like St Regis and JW Marriott Marquis, bringing the total number of rooms to 7,000.
Sayal asserted, “Retail at Worldmark 2.0 makes it one of the largest retail destinations in India with more than 30 lakh sq feet of retail leasing area.”
Phase 1 saw the largest alternative investment management companies in the world, Brookfield, agree to purchase a 51 percent stake in Bharti’s four commercial properties, including Aerocity Worldmark Phase 1, at an enterprise value of Rs 5,000 crore tawo years ago. Phase 1 attracted the biggest corporate names in the world, including Airbus, EY, IMF, KPMG, Emirates, and Pernod Ricard.
In Phase 3, Aerocity will receive 40 lakh square feet of leasable commercial space across the Northern Access Road, which links Terminals 2 and 3 with Mahipalpur. Sayal stated, “We will begin work on this phase in 2025 and finish it by 2029.” “This will be a boundaryless district of offices with ground level retail space. There will be walkways and cycle paths connecting the entire area.
Sayal believes that Aerocity will employ 20 lakh people when it is finished and attract at least three crore visitors annually. When that occurs, IGI might be serving more than 10 crore people a year and be well on its approach to replacing T2 with a larger T4, increasing the airport’s annual capacity to more than 14 crore passengers.
The neighborhood is poised to become a footfall magnet when you include in the sheer amount of people employed by the massive airport, both on the cargo and passenger side.
“With a variety of transportation options, Worldmark Aerocity will be the most linked global business center in the world. On the next RRTS, people traveling from Meerut, Alwar, or Panipat will arrive here in 45 minutes. Thousands of automobiles would be able to park in the mammoth mall, according to Sayal. Bharti is concentrating on the mega mall, which Sayal predicted would open by 2027 and become the largest in India.
He continued, “We are building the mall as the nation’s largest indoor entertainment destination offering the most sought-after global entertainment genres. We have sent teams across the world for this purpose.”
Currently, there is a back and forth between DIAL and the Union Aviation Ministry on the number of stops that the air train that would link T1 on one side and T3/2 (or T4 in place of T2 at the end of this decade) on the other should have. To facilitate speedy intra-terminal transfers, the ministry prefers fewer stops, whereas the airport operator supports two air train stations in Aerocity.
