In 2027, Indira Gandhi International Airport’s Aerocity is poised to become home to India’s largest mall, spanning over 28 lakh square feet, as part of a $2.5 billion expansion. This expansion will transform the area into India’s first aerotropolis, growing eightfold over the next five years. Currently, Aerocity offers 15 lakh square feet of leasable space, with plans to increase this to over 1 crore square feet by 2029.
Furthermore, the global business district will undergo a significant expansion, adding another 65 lakh square feet of leasable area. This will result in a total of 1.8 crore square feet of leasable space for offices, retail outlets, food courts, a mega mall, and public spaces.
The development of Aerocity was awarded to Bharti Realty by GMR-backed Delhi International Airport Ltd. Bharti Realty’s lease for Aerocity is concurrent with DIAL’s lease for the airport’s development and operation, which remains under state ownership.
The $2.5 billion investment for Phase 2 and 3 will be raised through a combination of debt and equity. Phase 2 will include the construction of Worldmark 4, 5, 6 & 7, offering 35 lakh square feet of leasable space, along with India’s largest mall spanning over 28 lakh square feet—three times larger than the existing Vasant Kunj malls. Phase 2 is expected to begin delivery next year and be completed by March 2027.
Aerocity currently features 5,000 hotel rooms across 11 hotels, including JW Marriott, Accor Group, and Roseate. Upon completion of Phase 2, the number of hotel rooms will increase to 7,000 across 16 hotels, with names like St Regis and JW Marriott Marquis joining the district.
Phase 1 attracted major corporations such as Airbus, EY, IMF, KPMG, Emirates, and Pernod Ricard. Additionally, Brookfield, a global alternative investment management company, acquired a 51% stake in Bharti’s four commercial properties, including Aerocity Worldmark Phase 1, for Rs 5,000 crore two years ago.
Phase 3 will see the development of 40 lakh square feet of leasable commercial space across the Northern Access Road, connecting Mahipalpur and Terminals 2 and 3. This phase will commence in 2025 and be completed by 2029, featuring offices with retail space on the ground floor, all connected by cycle tracks and walkways.
Upon completion, Aerocity is expected to accommodate 20 lakh people working there, with an annual footfall of at least three crore. This growth aligns with the anticipation of IGI handling over 10 crore passengers annually, with plans to replace T2 with a larger T4, increasing the airport’s yearly capacity to over 14 crore flyers. Additionally, the area is set to become a magnet for footfall due to the number of people working at the airport, both on the passenger and cargo sides.
To accommodate this growth, DIAL is developing India’s first interstate multi-modal transport hub near the Aerocity metro station. This hub will likely include an interstate bus terminus, Delhi Metro’s upcoming Phase 4 line, and the Rapid Rail Transit System station, including the station for the automated passenger mover or air train.
Bharti Realty is focusing on the development of the mega mall, which is expected to become India’s largest indoor entertainment destination upon its completion in 2027. Teams have been sent across the world to develop the mall, aiming to offer the most sought-after global entertainment genres.
Currently, DIAL and the Union aviation ministry are discussing the number of stops the proposed air train linking T1, T3/2, or T4 should have. While DIAL prefers two air train stations in Aerocity for quick intra-terminal transfers, the ministry favors fewer stops for efficiency.
