Meanwhile, repositioning and experiential additions, such as the relaunch of Phoenix MarketCity, Pune, as Phoenix Avenue of Stars in Q1FY27, can drive rental revisions. Plus, 36-50% of the portfolio area is up for renewal over 2-3 years, along with an expected 10-25% tenant churn, which can drive further rental upside. Nomura expects 20% year-on-year growth in rental income in Q1. Upcoming malls in Kolkata, Surat, Thane, Coimbatore and Chandigarh should drive growth beyond the current portfolio. Sustained focus on premium grade-A malls insulates Phoenix from e-commerce and quick-commerce competition to an extent.
