Though the present growth rate in organised retail constitutes only 3per cent of the total retail sector in India, going forward, this figure is expected to touch 25-30 per cent per annum.

Encouraged by these conditions, and with a great degree of faith in my team's capabilities, experience and skill sets, we are foraying into developing huge, iconic retail-led, mixed-use developments in Tier 1 cities. These “Market Cities”, as we call them, will include malls, shopping zones, entertainment complexes, five star hotels, office and residential complexes. This would, in effect, shift the centre of gravity from large cities to our developments.

Every year, over 10 million people visit the High Street Phoenix mall.