MUMBAI: India’s malls are no longer the chaotic, catch-all complexes of the early retail boom. They are increasingly transforming into sleek, investment-grade assets — designed as much for private equity and REIT investors as for shoppers in food courts and fashion aisles. According to the latest ANAROCK research, of the 650 operational malls across India today, nearly a third — about 30–35% — qualify as institutional grade. The shift marks a decisive turn from fragmented, quantity-driven development to consolidation and quality. What was once a race to build as many malls as possible has now become a drive to build them bigger, better and more bankable. Leading this transformation are seven major developers — Nexus Malls (Blackstone), Phoenix Mills, DLF, Prestige Estates, Lakesh

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