The total construction timeline is 4 years and 3 months. All 88 residential units have been introduced in the initial launch. Phase 2 will introduce a Premium Hotel Tower featuring internationally styled suites designed for business travellers and long-stay guests, strengthening the project’s positioning as a complete lifestyle destination.

Residential units are priced at Rs 15,500 per sq. ft., while retail stores are being leased at a rate of Rs 200–250 per sq. ft. on the ground floor, with some leading brands such as Apple, Samsung, Vivo, etc. already locked in.

Uddhav Poddar, CMD, Bhumika Group, said, “The Icon reflects our long-term vision of developing spaces that go beyond construction and create meaningful urban ecosystems. Our focus has always been on building thoughtfully planned developments that balance design, functionality, and future-readiness. With this project, we have placed strong emphasis on architectural detailing, lifestyle-driven amenities, sustainability features, and integrated commercial and hospitality elements.”

Siddharth Katyal, CEO, Bhumika Realty, said, “Faridabad is entering a defining growth phase, driven by large-scale infrastructure upgrades, improved expressway connectivity, and the emergence of integrated townships. We are witnessing a clear shift in buyer sentiment, where homebuyers and investors are actively looking beyond traditional micro-markets and recognising the long-term potential of well-planned developments. Over the next few years, Faridabad has the potential to deliver steady appreciation, strong rental demand, and more organised, township-led development, and The Icon is designed to align perfectly with this next phase of growth.”

Designed for families, professionals, and investors across Delhi–NCR, the project caters to end-users looking for a modern mixed-use destination that combines exceptional connectivity with long-term value creation. The development brings together low-density luxury living, modern architecture, high-end specifications, upgraded security, sustainability features, integrated retail, and hospitality-led footfall, creating a future-ready urban ecosystem with strong long-term appreciation potential.

About Bhumika Group:

Bhumika Realty, part of the Bhumika Group, is an NCR-based real estate developer with a diverse and growing portfolio. The company is best known for Urban Square Mall, the largest mall in Rajasthan, which houses over 18 leading brands including Melange, Kappa, CODE, Forca, Ginger, Bossini, Fame Forever, and the Lemon Tree Hotel in Udaipur.

Expanding its footprint, the group has also forayed into the metro mall segment with a project at the NHPC Metro Station. Beyond real estate, Bhumika Group has diversified into high-growth sectors such as Kaushalya Logistics, an end-to-end supply chain and logistics solutions provider operating across India, and ventures in the e-commerce space.

Backed by strong business fundamentals and a multi-sector presence, the company is valued at around Rs 3,000 crore.

Retail in NCR is entering a new phase, one where time spent is becoming more valuable than square footage leased. While India continues to rank among the fastest-growing retail markets globally, with organised retail penetration steadily rising and NCR leading Grade A supply additions, the underlying shift is more nuanced. In Q4 2025, retail leasing in Delhi NCR stood at 1.03 msf, an increase of 100% QOQ and 4.5x on a YOY basis, as per the data released by Cushman and Wakefield. Gurugram led the overall retail leasing during Q4-25 with a 63% share. Mainstreets accounted for 55% of annual leasing, while malls witnessed 45% of total space take-up. F&B led the space take-up in 2025 with a 22% share, followed by fashion (21%) and department store (14%) segments. Leasing by the F&B, entertainment and consumer durables segments has almost doubled in 2025 as compared to last year.

In Gurugram, leasing momentum is increasingly being driven by experiential formats: chef-led dining concepts, wellness studios, boutique fitness, and immersive flagship stores, rather than traditional anchor-led models alone. The modern consumer, particularly in affluent micro-markets, is not merely shopping; they are seeking social currency, community interaction, and curated discovery.

Moreover, Gurugram’s next phase of retail growth is unfolding beyond its legacy hubs. While MG Road and CyberHub continue to anchor the city’s established retail map, leasing conversations are shifting toward decentralised micro-markets such as Golf Course Extension Road, SPR Road, the Dwarka Expressway belt and sectors in New Gurgaon. Developers and retailers say the logic is straightforward: retail is following rooftops– but more importantly, it is following aspiration density. As luxury residential clusters and Grade A office developments expand outward, they are creating what industry insiders describe as “experience gravity zones” where premium housing, corporate footfall and rising disposable incomes combine to generate consistent evening and weekend demand.

Within this decentralised shift, Sector 82A is emerging as a strategic location rather than just another plotted grid on the Gurugram map. Located at the intersection of the Dwarka Expressway and the NH-8 corridor, and embedded within New Gurgaon’s high-density luxury residential belt, the sector benefits from a catchment that is both affluent and untapped. Thousands of premium housing units are either occupied or nearing completion in the surrounding Sectors 80–95, yet organised retail supply in the immediate vicinity remains limited, creating a clear demand-supply gap.

The connectivity multiplier further strengthens the proposition: the operational momentum of the Dwarka Expressway, seamless access to Delhi and IGI Airport, and proximity to emerging office pockets lend infrastructure-backed confidence to retail investments. For developers and brands, the opportunity lies in the early-mover premium, establishing a high-quality, experience-led retail destination in a maturing residential hub before the market reaches saturation and competitive clutter.

Besides, mixed-use development is increasingly being viewed not as an architectural ambition but as structural risk management. Developers believe integrating office, residential, retail and hospitality components within a single ecosystem creates what can be described as a “live-work-play loop”. Office occupiers generate weekday lunch and post-work footfall; residents sustain evening and weekend consumption; curated retail and hospitality formats activate the ground plane throughout the day. This cross-utilisation of catchments smoothens revenue volatility and reduces vacancy cycles, offering what industry stakeholders call built-in footfall insurance.

Alongside mixed-use integration, the traditional enclosed mall is gradually giving way to open, street-facing formats designed around walkability and public engagement. Developers are prioritising breathable plazas with natural light, cross-ventilation, outdoor seating and activated public realms over inward-looking corridors. Post-pandemic consumers continue to value perceived safety and open-air environments, where natural ventilation translates into subconscious comfort. At the same time, curated streetscapes and “Instagrammable” facades are becoming organic marketing tools, driving footfall beyond paid promotions. Industry observers describe this as the rise of a modern piazza culture where retail functions less as a transactional corridor and more as social theatre.

Taken together, these shifts signal a structural reset rather than a cyclical upswing. Retail in NCR, and particularly in Gurugram, is no longer being planned around anchor boxes and parking ratios alone; it is being designed around dwell time, community engagement and lifestyle alignment. As micro-markets such as Sector 82A mature alongside infrastructure upgrades and premium residential expansion, the opportunity lies in creating destinations that integrate hospitality, open public realms and mixed-use ecosystems into a single, cohesive narrative.

Time Out Market Delhi will have 11 kitchens, 2 full-service bars, a private events room, a stage for live performances, and seating for about 500 people. It will cover about 24,500 square feet. Craft, legitimacy, and cultural relevance guide curation at Time Out Market Delhi. This brings together chefs and ideas that really shape the city’s food story. Visitors will see a lively mix of the city’s best chefs and cultural figures, from award-winning chefs and well-known institutions to exciting new voices and local favourites. This is a rare chance for restaurateurs to be part of a globally recognised platform that celebrates the best of the city.

Time Out Market Delhi will be live in the new phase of Worldmark development, which covers about 17 million square feet and is being marketed as the finest Global Business District in the country. There will be a destination retail in the neighbourhood, coupled with high-end hotels, modern offices, and carefully planned hospitality and retail experiences. Worldmark is located right next to Indira Gandhi International Airport. It is one of the busiest ecosystems in the world and is meant to draw millions of foreign tourists and local visitors, especially urban professionals. India Sotheby’s International Realty helped with the lease deal for Time Out Market Delhi.

“Time Out Market’s opening in India at 5 Worldmark in Aerocity, New Delhi, adds to Worldmark’s reputation as the country’s most comprehensive business and lifestyle destination.” “Time Out Market’s internationally known concept would be beneficial for the city’s international visitors, business people, and urban community. This association shows that we are committed to our long-term aim of making Worldmark as India’s best business district to work, meet, eat, and do business.” stated S K Sayal, MD and CEO of Bharti Real Estate.

Chris Ohlund, CEO of Time Out Group plc, added: “We expanded our growing Time Out Market portfolio by opening three new sites each in 2024 and 2025, with an additional five currently under development. Since the first Time Out Market launched in 2014, we have created  rooted in our iconic Time Out brand a leading global food and cultural market.”

About Bharti Real Estate

Bharti Real Estate, the real estate arm of Bharti Enterprises, is a leading developer of Grade-A commercial destinations in India, known for creating integrated, future-ready business ecosystems. Its landmark Worldmark portfolio has played a defining role in shaping Aerocity, New Delhi, into a globally aligned mixed-use district. Spread across a master-planned development of approximately 17 million sq. ft., Worldmark at Aerocity is being delivered in multiple phases. Worldmark 1.0 is fully developed, leased and operational, hosting leading multinational corporations, global financial institutions and Fortune 500 companies. Worldmark 2.0, currently under advanced development, spans approximately 7 million sq. ft., comprising around 4 million sq. ft. of premium office space where  OC is received and close to 3 million sq. ft. of retail, one of India’s largest destination retail developments, targeted for operationalization in 2027. The next phase, Worldmark 3.0, is underway with concept planning pre-execution. This phase will add close to 5 million sq. ft., with office spaces being delivered in a phased manner and retail expected to be operational by late 2027. The remaining development is planned as Worldmark 4.0, which will further expand the district’s footprint, collectively reinforcing Worldmark’s vision of a globally benchmarked business district that seamlessly integrates workplace, retail, leisure and sustainability. Strategically located next to Indira Gandhi International Airport and supported by strong multimodal connectivity, Worldmark reflects Bharti Real Estate’s vision of building world-class urban destinations where business, culture and community seamlessly converge.

About Time Out Group

Time Out Group is a global brand that inspires and enables people to experience the best of the city. Time Out launched in London in 1968 to help people discover the best of the city – today it is the only global brand dedicated to city life. Expert journalists curate and create content about the best things to Do, See and Eat across over 350 cities in over 50 countries and across a unique multi-platform model spanning both digital and physical channels. Time Out Market is the world’s first editorially curated food and cultural market, bringing a city’s best chefs, restaurateurs and unique cultural experiences together under one roof. The portfolio includes open Markets in over 10 cities such as Lisbon, New York and Dubai, several new locations with expected opening dates in 2026 and beyond, in addition to a pipeline of further locations in advanced discussions. Time Out Group PLC, listed on AIM, is headquartered in London (UK).

Supply Sees Sharp Increase

Fresh retail supply during the year ranged between 4.3 million and 6.3 million sq. ft. Hyderabad accounted for more than half of the new additions, followed by Mumbai and Delhi NCR. Delhi NCR, Hyderabad and Mumbai together saw the opening of 15 new shopping malls in 2025. By the end of the year, mall stock across the top seven cities stood close to 92 million sq. ft. In the second half of 2025, around 2.1 million sq. ft of new space became operational, while leasing absorption reached nearly 5.6 million sq. ft.

Hyderabad, Delhi NCR and Bengaluru Lead Leasing

Leasing activity was led by Hyderabad, Delhi NCR and Bengaluru. One estimate showed Delhi NCR and Bengaluru accounting for 24% each of total leasing, followed by Hyderabad at 23%. Another placed Hyderabad at the top with a 34% share, followed by Delhi NCR at 20% and Chennai at 16%. Mumbai contributed about 17%, while Chennai, Kolkata and Pune recorded lower shares due to limited new supply.

Malls and High Streets Account for Most Leasing

Shopping malls accounted for about 45% of total leasing, while high streets captured around 48%. In Delhi NCR and Hyderabad, malls were the preferred format, while high-street locations dominated leasing in Bengaluru.

Ankit Sharma, SVP-Leasing, Elan Group said, “With India crossing nearly 9 million square feet of leasing in 2025 and a 45 percent rise in the July to September quarter alone to 2.41 million square feet, the strength of the retail leasing market is clearly reflected in the numbers and demand has remained strong across both malls and high streets. Malls are benefiting from well-planned retail formats, fresh supply and growing interest in larger, while established high streets continue to attract brands due to their steady footfall, visibility and close proximity to residential catchments. Brands are building their presence across both formats, indicating a stable and mature phase of expansion for the retail real estate market. This balanced performance shows that the growth of physical retail is becoming more structured and evenly spread.”

Fashion, F&B and Jewellery Drive Demand

Fashion and apparel remained the largest category, accounting for 34% to 48% of total leasing. Store launches included sustainable labels, streetwear, ethnic wear, athleisure, luxury and D2C brands. Food and beverage (F&B) was the second-largest contributor, with a 12% to 20% share. Brands preferred large-format outlets in malls and prominent high-street locations. Jewellery followed with an 8% share, supported by expansion from lab-grown diamond brands.

Girish Kamble, CEO- West, Tribeca Developers

“India’s retail sector continues to demonstrate strong momentum, driven by robust leasing activity and sustained expansion from both domestic and global brands. What’s especially encouraging is the growing demand for modern, branded, and experiential retail environments – formats that elevate convenience, curation, and consumer engagement.

We believe the market is now firmly ready for branded retail and premium commercial destinations, particularly in the luxury segment. This aligns strongly with our own development philosophy at Tribeca, where we are creating next-generation commercial spaces designed for global brands, aspirational consumers, and the future of urban retail. The shift is clear: India is ready – and rising – to embrace world-class retail real estate.”

D2C Brands Increase Offline Presence

D2C brands contributed about 0.9 million sq. ft of total leasing and recorded 48% year-on-year growth. Another estimate showed D2C brands accounting for 27% of total leasing in 2025.

Institutional-Grade Mall Stock

Institutionally owned or premium single-owner malls account for about 44% of total mall stock across the top seven cities.

Technology and Entertainment Zones

Retailers used tools such as virtual try-ons, generative styling platforms and predictive inventory models. Entertainment zones in malls used formats such as edutainment, virtual reality and RFID-based loyalty systems. These zones enabled the use of large interior spaces and supported higher rentals for adjoining F&B outlets, along with longer lease tenures.

Retail Space Under Construction

More than 47 million sq. ft of retail space is under construction and is expected to be operational by 2030. Nearly 20 million sq. ft of this upcoming supply is classified as premium-grade.

Highlighting India’s vibrant e-commerce ecosystem and unmatched technology talent, Mazen Rawashdeh, SVP & Chief Technology Officer of eBay, said Bengaluru was a natural choice for expansion. “By investing in India, we are strengthening our ability to serve 134 million active buyers worldwide while positioning ourselves for long-term growth in emerging regions,” he noted. With 2.4 billion product listings and 10 million unique sellers already leveraging generative AI features, eBay said its Bengaluru teams will have global visibility and impact as the company advances its AI-first commerce strategy.

eBay’s foray into Bengaluru was facilitated by Awfis Space Solutions Limited, one of India’s India’s largest flexible workspace provider and the country’s first publicly listed workspace solutions platform. Awfis’ mandate included designing, building and managing the new office for eBay, which will serve as a strategic hub, supporting a diverse set of functions and accelerating eBay’s AI-first commerce strategy.

The centre – while driving advancements in AI, research and innovation – will play a pivotal role in eBay’s continued growth in India. Its location at Embassy Tech Village – the city’s largest operational office park – offers robust connectivity between the international airport and the city centre, and access to vibrant commercial and social infrastructure.

Commenting on the development, Amit Ramani, Chairman & Managing Director of Awfis Space Solutions Limited, said: “This mandate is a strong validation of Awfis’ ability to deliver future-ready, high-quality workspace solutions that align with the strategic needs of GCCs and large enterprises. Our collaboration with eBay underscores our position as the partner of choice for leading international clients, including those in the GCC region, who seek scalable, innovation-driven work environments. We are proud to play a role in enabling eBay’s global innovation journey through this new centre in Bengaluru.”

As of June 2025, Awfis has 39 operational centres in Bengaluru, strategically located, offering state-of-the-art amenities and experiences curated to make the workplace experience efficient and productive. The Group has also recently helped launch 2 Elite centres at Manyata Tech Park and Prestige Venus, offering ~ 80,000 sq ft. super built-up in the city. The mandate was facilitated by Zinnov, a leading global consulting firm known for helping enterprises build, scale, and transform their global capability centres (GCCs).

With this milestone, Awfis reinforces its position as India’s leading end-to-end workspace solutions provider, going far beyond offering just space. As of 30^th June 2025, with 230+ centres, more than 1.5 lakh seats across 18 cities, and a diverse portfolio of workspace formats, mobility solutions, and allied services, Awfis delivers a unified, customer-centric ecosystem designed to meet every business need. By creating vibrant, tech-enabled environments that foster productivity, collaboration, and innovation, Awfis continues to set new industry benchmarks and redefine the future of work.

Knight Frank, in its latest report, Asia-Pacific Data Centres 2025, highlights Mumbai’s rise as India’s data centre capital. According to the report, the city leads India’s data-centre landscape accounting for 40% of total national capacity and 44% of live IT capacity.

In H1 2025, Mumbai’s capacity rose 14.3% to surpass the 4GW milestone, with 591MW operational, 185MW under construction, and 3.2GW in the pipeline. This growth builds on India’s data centre market surpassing 10GW in H2 2024, supported by 1.4GW live and 400MW under construction.

Rapid cloud adoption, increasing data localisation requirements, as well as the growth of local fintech and BFSI firms has been fuelling data-centre demand. Over the past six months, Mumbai recorded 97.6MW of take-up. This has translated to a tight vacancy rate of just 5.4% vs. India’s overall colocation vacancy rate at 12.3%. Demand-side commitments seem resilient with absorption broadly keeping pace with the multi-fold growth in supply over the past years. Also, two-thirds of Mumbai’s capacity under construction at present is already pre-leased.

Yet, with just three live sites currently capable of supporting hyperscale deployments (>2.5MW) and only one site with available capacity of more than 10MW, there seems to be a short-term supply tightness for big-ticket requirements. Distribution of available live capacity is skewed toward smaller deployments: 10 sites offer <1MW, 5 sites fall in the 1–2MW range, while only 3 sites provide >3MW.

Such fragmented deployments are opening doors for well-capitalized global players and joint ventures to deliver high-capacity facilities in the region that is currently dominated by local players. The 500MW NAV2 campus announced by NTT and another 500MW AI facility by Blackstone-Panchshil Realty are case in point.

Also, operators with large-scale requirements are exploring alternative markets. Hyderabad is positioning itself as a hyperscale-first market, with over 500MW of new data centre capacity currently in the pipeline through two projects. STT GDC India has signed an MoU with the Telangana government to develop a 100MW campus, while NTT has committed INR 10,500 crore (approximately USD 1.25 bn) to establish a 400MW AI-focused data centre campus.

Hyderabad is the second largest data centre market in India with 2.1GW of total capacity, followed by Chennai (1.6GW), New Delhi (712MW) and Bengaluru (307MW).

Shishir Baijal, Chairman & Managing Director, Knight Frank India, said: “Mumbai has firmly established itself as the epicentre of India’s digital infrastructure growth. With over 3GW of capacity in the pipeline and strong policy support for green data centre parks, the city is attracting sustained global investment. As cloud adoption and AI workloads accelerate, Mumbai’s unique strengths, its robust subsea cable connectivity, scalable power infrastructure, proximity to enterprise hubs, and progressive state policies are consolidating its position as India’s data centre capital. While other metros like Chennai, Hyderabad, and Bengaluru are gaining traction, none match Mumbai’s scale, speed, and ability to serve as South Asia’s gateway for cloud, AI, and enterprise workloads.”

Regional Context

In the first half of 2025, the APAC region secured nearly 13GW of new project announcements, a 160% increase and more than double the 5GW announced in the same period last year. The funding needed for these projects already exceeds US$180 billion.

Major technology firms are driving much of this investment. Amazon is projected to exceed US$100 billion in capital expenditure for 2025, up from about US$82 billion last year, while Microsoft invested US$55 billion in 2024 and has committed more than US$33 billion this year. Collectively, Microsoft, AWS, Google, and Meta have committed over US$160 billion in 2025 alone, reflecting the intensity and scale of current infrastructure development.

Fred Fitzalan, Head of Data Centres Asia-Pacific, Knight Frank says, “The sheer volume of new projects in the region highlights just how important the region has become in the global digital infrastructure landscape. However, coordinating this rapid growth is a complex challenge, as operators must keep pace with advances in technology and rising energy needs, all while ensuring new facilities are delivered in step with evolving demands.”

Alongside the hyperscalers, GPU-as-a-Service providers are expanding rapidly, seeking multi-megawatt capacity across the region and bringing greater diversity into leasing conversations. Creditworthiness and shortened deployment timelines remain perennial challenges, but innovative guarantee structures are enabling some operators to compete effectively for new contracts.

Fred Fitzalan adds, “What has become clear is the strict requirement for operators to design facilities with capacity that can be flexibly deployed for either Cloud or AI workloads, offering tenants maximum optionality. While this adds cost, it is now a decisive factor in site selection. Locations that combine proximity to parent sites with sufficient power allocations to support long-term runway are winning out, although this remains a significant challenge given national grid constraints and permitting delays in Tier 1 APAC markets.”

Johor (located in Malaysia) established itself as Southeast Asia’s fastest-growing data centre hub, with aggregate supply nearly doubling over the last 12 months to 5.8GW in Q2 2025, including 2.0GW of new project announcements, backed by strong government support and the rollout of national Data Centre Planning Guidelines.

Take-up: Johor recorded 260.0MW of take-up in the first half of 2025, with social media accounting for 61% and the remainder driven by AI demand. The market is now highly constrained, with a vacancy rate of just 1.1%, as planning becomes more challenging and power shortages coming through.

Tokyo continues to hold its position as a key regional hub with aggregate capacity exceeding 4.2GW, a 2.7% increase on volumes recorded at the end of Q2 2024. Investment activity remains strong, highlighted by Ares completing a US$2.4 billion Japan-focused fund through Ada Infrastructure, while Mitsui & Co. Asset Management’s US$122 million acquisition signals sustained domestic investment appetite.

Take up: Over the past six months, Tokyo recorded 41.1MW of capacity transacted. This is a slowdown from the first half of 2024, when 286.6MW was transacted, due to reduced supply in the market. Tokyo continues to be a tightly constrained market, with colocation vacancy rates at just 7.0%.

Melbourne is stepping out of Sydney’s shadow, with total supply nearly tripling to 4.7GW as of Q2 2025, as land and power constraints push development south. The city now hosts dedicated cloud regions from all four major US providers: AWS, Microsoft, Google, and Oracle, with 95% of colocation take-up driven by AI workloads. Live IT capacity is now 337.1MW, marking a 25.4% year-on-year increase. This growth trajectory is expected to continue, supported by a pipeline of 934.8MW in committed and under construction projects.

Take-up: In the first half of 2025, Melbourne saw 127.6MW of transacted capacity, with artificial intelligence remaining a primary driver of demand and representing 95% of all colocation take-up.

Seoul’s investor appetite remains strong. LG U+ is set to grow its 87.2MW footprint with a US$441.7 million investment in a new AI-focused data centre. Meanwhile, Macquarie Asset Management has acquired the 40MW Hanam Data Centre for around US$538.4 million. No new capacity has been added to the market since Q3 2024, keeping total supply steady at 1.8GW.

Take-up: In the first half of 2025, Seoul recorded 86.2MW of leasing activity, with 85% of that occurring in the second quarter. Demand was split between enterprise users and public cloud providers, alongside an emergence of Chinese tenants entering the market in a bid to diversify their AI strategies across APAC.

Investment Evolution

The funding landscape is evolving, with infrastructure and private equity capital increasingly partnering with operators on developer-led powered shells to achieve faster time-to-power deployment.

Looking ahead, grid capacity and power availability remain major constraints, with geopolitical considerations shaping project delivery timelines. Despite these challenges, momentum remains strong. Cloud providers in the US and China now often compete for the same capacity, driving up rental values, particularly in North Asia. Additionally, the AI ecosystem continues to expand beyond traditional hyperscale deployments. The task ahead is to synchronise these vast expansions with technology evolution and energy demand, building digital infrastructure that is both flexible and future ready.

While there’s no official confirmation yet of its inclusion in the Nexus Select Trust portfolio, previous Blackstone acquisitions in India — including Select Citywalk, Elante, and the Prestige malls — were eventually consolidated under Nexus.

Should the mall be added, Nexus Select Trust’s portfolio would expand to 20 malls across 16 cities, with a total Gross Leasable Area (GLA) of 11.65 million sq. ft.

South City Mall: A Retail Landmark

Launched in 2008 by a consortium of Kolkata-based developers, South City Mall spans 1 million sq. ft. on Prince Anwar Shah Road. Anchored by a mix of premium Indian and international brands, a 1,400-seat food court, and a loyal catchment, the mall reportedly clocks annual turnover of ₹1,800 crore with weekend footfalls exceeding 2 lakh.

The asset is expected to benefit from Blackstone’s global retail expertise and operating leverage. Market sources indicate the acquisition was structured through a mix of equity and financing, valuing the mall at a benchmark-setting ₹32,500 per sq. ft.

Strategic Implications for Blackstone

• Eastern Gateway: This marks Blackstone’s first major retail asset in East India. Earlier, in 2018, it had acquired a majority stake in Esplanade One, Bhubaneswar (developed by Forum Group).
• Top-Tier Asset: South City is among India’s most profitable malls in terms of revenue per sq. ft.
• REIT Enhancement: The asset is expected to strengthen Nexus Select Trust’s earnings and investor appeal, if included.
• Long-Term India Bet: This deal aligns with Blackstone’s continued confidence in India’s consumption-led growth trajectory.

Nexus Select Trust: Now 20 Malls Strong

If South City Mall joins the fold, Nexus Select Trust would have:

• 20 malls
• Presence in 16 cities
• 65 million sq. ft. of GLA

Already the largest retail platform in India, Nexus manages a portfolio spanning metros and Tier 2 cities. In FY24–25, it reported 130+ million footfalls, ₹12,400 crore in tenant sales, and 97% occupancy.

A REIT With Momentum

Under the leadership of Dalip Sehgal, Nexus Select Trust has been reshaping post-pandemic retail in India by focusing on:

• Experiential formats(entertainment, F&B, co-working)
• Optimised tenant mix
• Digitally driven engagement
• Strong ESG practices

With Blackstone’s continued support, Nexus is actively pursuing Tier 1 and high-density Tier 2 city assets, backed by sustainable NOI and consumer loyalty.

Outlook: India as a Global Retail Play

India’s organised retail footprint is projected to exceed 160 million sq. ft. by 2027, fuelled by urbanisation, rising incomes, and aspirational spending.

With the acquisition of South City Mall, Blackstone signals its confidence in East India’s retail potential, while Nexus Select Trust stands poised to further consolidate its position as India’s most balanced and diversified retail platform.

Despite a global cooling in prime residential price growth—averaging 2.3% annually compared to 3.5% in Q1 2025—Indian cities remain resilient, reflecting strong demand, limited prime supply, and sustained wealth creation in urban centres.

Globally, Seoul led the rankings with 25.2% annual growth, followed by Tokyo (16.3%) and Dubai (15.8%). Bengaluru secured the 4th position worldwide, with Mumbai and Delhi at 6th and 15th respectively.

Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, “India’s prime residential markets have shown remarkable resilience, standing out in a year when global growth momentum has eased. Bengaluru’s tech-driven wealth creation, Mumbai’s renewed infrastructure-led appeal, and Delhi’s steady luxury demand have collectively kept India in the global spotlight. We anticipate that continued economic stability, urban redevelopment, and the appeal of prime assets as long-term wealth stores will support price growth in the months ahead.”

Liam Bailey, Knight Frank’s Global Head of Research, commented, “Prime markets are taking a collective breath. The recovery we have seen over recent quarters was aided by the expectation of lower borrowing costs, and with that timeline now pushed out, a cooling in price growth is inevitable. We’re seeing a more fragmented market, with some European cities showing surprising strength while former high-flyers in Asia begin to level off.”

The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 46 cities worldwide using data from Knight Frank’s global research network.

Spread across 4.15 acres, Vedatam will be developed in two phases over a three-year timeline. The development will feature over 400 premium commercial units and approximately 140 thoughtfully designed residences in (Phase- II), combining retail vibrancy with community living. Currently, the company has launched two floors in its retail segment offering spaces priced between ₹25,000 to ₹45,000 per sq. ft. on built-up area.

Centrally located to serve 11 adjoining sectors, including 8, 12, 14, 15, 16, 17, 22, 23 and Palam Vihar, Vedatam is designed around a curated retail, F&B, and entertainment mix. The retail segment spans three levels, Lower Ground, Upper Ground, and First Floor, ensuring high visibility for brands and seamless shopping experiences. The second floor is a culinary destination with fine dining, multi-cuisine outlets, a brewery, and a spacious food court, while the third-floor houses Sector 14’s only multiplex operated by PVR, alongside more F&B options.

Pankaj Jain, Founder and CMD, SPJ Group, said, “We believe that locations like Sector 14, densely populated yet untapped in organised retail, hold immense potential, and Vedatam is our answer to that opportunity. With this project, we are setting a new benchmark in neighbourhood retail and mixed-use development in Gurugram. Vedatam reflects our commitment to creating vibrant, sustainable ecosystems that blend lifestyle, leisure, and community living.”

With over 1,100 car parking spaces (including a unique three-level parking system), high-speed elevators and escalators, 100% power backup, advanced fire safety, and earthquake-resistant construction, Vedatam is engineered for operational ease and visitor comfort. Future phases will introduce premium residences and an exclusive clubhouse, fully realising the live-work-play vision.

Vedatam enjoys seamless access to NH-48, Old Delhi-Gurgaon Road, and the Dwarka Expressway, ensuring smooth mobility across NCR. It lies just 3 km from HUDA City Centre Metro Station and 5 km from MG Road Metro Station, while business districts like Cyber City, Udyog Vihar, and Golf Course Extension Road are all nearby. The IGI Airport is just a 20-minute drive away, making Vedatam a truly connected destination for modern urban living.

With a focus on innovation, quality construction, and strategic land positioning, SPJ True Realtyy aims to redefine the real estate narrative in NCR. Backed by the legacy and financial strength of the SPJ Group, Vedatam aligns with the company’s commitment to delivering projects that not only meet but exceed modern urban aspirations.