As per the latest reports, by 2027, Indira Gandhi International Airport’s Aerocity will unveil India’s largest mall, spanning across 2.8 million square feet. This is part of the $2.5 billion expansion project known as Worldmark Aerocity, which aims to establish India’s first aerotropolis—a metropolitan area centred around an airport. If reports are to go by, this project is expected to witness an eightfold growth within the next five years.
At present, Aerocity offers 1.5 million square feet of leasable space, with plans to increase this to over 10 million square feet by 2029 in two phases. According to the reports, the global business district within Aerocity will undergo a 6.5 million square feet expansion, resulting in a total leasable area of 18 million square feet. This expansion will accommodate offices, retail outlets, food courts, a large-scale mall, and public areas.
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The development of Aerocity was entrusted to Bharti Realty by GMR-backed Delhi International Airport Ltd (DIAL). Bharti Realty holds the lease for Aerocity, which aligns with DIAL’s lease for airport development and operations, maintaining state ownership unchanged.
SK Sayal, Bharti Realty’s Managing Director and CEO, has outlined the plans for the expansion of Aerocity in phases 2 and 3. These phases will require a $2.5 billion investment, to be financed through a mix of debt and equity. Phase 2 will see the introduction of Worldmark 4, 5, 6, and 7, providing 3.5 million square feet of leasable space and featuring India’s largest mall spanning 2.8 million square feet—three times the size of the existing malls in Vasant Kunj. Phase 2 is set to commence next year, with completion scheduled for March 2027.
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Reports further add that parking facilities for more than 8,000 cars will be available underground. At present, Aerocity houses 5,000 hotel rooms spread across 11 hotels, including well-known brands such as JW Marriott, Accor Group, and Roseate. Following the completion of Phase 2, the number of rooms will rise to 7,000 across 16 hotels. Esteemed brands like St. Regis and JW Marriott Marquis will be among those joining the area between the Aerocity metro station and the existing hotel hub.
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Phase 1 attracted leading corporate entities like Airbus, EY, IMF, KPMG, Emirates, and Pernod Ricard. Additionally, Brookfield, a prominent alternative investment management company, acquired a 51% stake in Bharti’s four commercial properties, including Aerocity Worldmark Phase 1, for an enterprise value of Rs 5,000 crore, two years ago.
Upon completion, Aerocity is projected to host 2 million professionals and attract an annual footfall of at least 30 million. This surge in activity could potentially propel IGI Airport to serve over 100 million passengers annually, prompting the replacement of T2 with the significantly larger T4. To accommodate this growth, DIAL is developing India’s first interstate multi-modal transport hub near the Aerocity metro station, likely integrating 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.
Currently, DIAL and the Union aviation ministry are deliberating on the optimal number of stops for the proposed air train connecting T1 on one end and T3/2 (or potentially T4 instead of T2 by the end of the decade). The airport operator favours incorporating two air train stations in Aerocity, whereas the ministry is inclined towards fewer stops to facilitate rapid intra-terminal transfers.
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