The Phoenix Mills · tone and specificity signals across the available quarters.
Language signals
Our objective is not simply to keep maximizing rental growth in the short term, but we want to create an environment where retailers can grow their sales substantially and then strong retailer productivity will ultimately translate into stronger and durable growth.
This is going to be the best office product in the city and we are already seeing very strong demand from tenants. We are looking at closing these in a range of say 350 to 400 rupees on the leasable area basis.
We are also conscious of keeping the occupancy costs of the retailers because we want them to continue to profit as well in our malls.
What you're seeing as like-to-like growth is quite coming from like-to-like areas. The area that was in operation last year versus the area that is in operation this year. There has been no change in that. The growth that you're seeing is very broad-based across categories.
Net debt to EBITDA of less than one time. We have also reduced our average cost of debt from 8.5% to 7.6%. This is truly a good benchmark for any company of our size.
We are churning out the low-performing brand and we bring in the high-performing marquee brands. So overall you're going to see a jump in both trading density and consumption.
Our current policy is to stay in the range of where we are between one to two times [net debt/EBITDA]. That's very clear.
Over the next 3 years, over 50% of the area is going to be for renewals and repricing that provides a great opportunity for us to reorient some of the low trading density stores as well as renegotiate on rents and revenue share
At Phoenix Market City Bangalore, trading density grew to ₹3,110 PSF per month for 9M FY26, up 23% year-on-year with nearly 80% of the planned transformation already executed. Trading density levels at this center are now approaching those of Phoenix Palladium Mumbai
Historically if you see FY3 to today, we have seen consumption growing at a 14% CAGR and our rents keeping pace with that consumption growth over the last 12 and a half years