Kol to get 2 malls, 2 mixed-use retail spaces in 5 years
Times of India | 15 April 2026
Kolkata: The city is set to add 41 lakh sq ft of retail space over the next five years. At least four formatted retail spaces, including two stand-alone malls, are scheduled to become functional in the next couple of years.
To put the figure in perspective, this is almost as much as the retail space that got absorbed in the top seven Indian cities in the second half of 2025-26. Between Oct 2025 and March 2026, Kolkata recorded retail absorption of approximately 1.2 lakh sq ft. Anarock Property Consultants, that released the retail absorption data, said the additional supply in the pipeline will strengthen its retail landscape.
Phoenix Grand Victoria in Alipore is set to add 10 lakh sq ft in gross leasable area (GLA), followed by Acropolis South Mall in Joka that will have a GLA of 3.5 lakh sq ft. There are also two mixed-use developments that are in the works in New Town — Bay Town, which will have around 1.8 lakh sq ft retail, and Peerless Trayam, which will have 1.6 lakh sq ft retail space.
"Kolkata's retail market is also moving steadily toward organised, Grade-A retail formats. While current absorption reflects a supply-in-pipeline reality, the 41 lakh sq ft of upcoming retail space by 2031 signals robust developer and investor confidence," an Anarock analyst said.
Kolkata's surging institutional investments and a growing, consumption-hungry middle class make it a promising city for retailers and mall developers. In fact, prominent marquee retail assets are being acquired by strong institutional players who have a firm eye on Kolkata's emerging strengths.
Last week, Nexus Select Trust acquired Diamond Plaza Mall in Nagerbazar for Rs 347.5 crore, strengthening its retail presence in eastern India and expanding its portfolio to 20 malls.
Nexus Select Trust is backed by Blackstone, the American investment firm with $1 trillion in assets under management. Last June, Blackstone acquired South City Projects, including South City Mall, for Rs 3,250 crore from a consortium comprising Emami, Merlin Group, Sureka Group, Shrachi Group, Jugal Khetawat and JB Group.
At present, there are 23 shopping centres in Kolkata with a total GLA of 55 lakh sq ft. This is in addition to high-street retail. Six shopping malls were categorised as ‘ghost' malls last year due to 50% vacancy.