New Delhi, July 27 -- India's luxury retail market is entering a new phase of expansion, but a shortage of premium mall space is emerging as the biggest hurdle for global brands, according to Bharti Real Estate managing director (MD) and chief executive officer (CEO) S.K. Sayal.

Bharti Real Estate is betting on that gap with The Mall at Worldmark in Delhi's Aerocity, a luxury retail destination scheduled to open by March 2028, Sayal told Mint. Part of Bharti Real Estate's broader $2.5 billion Worldmark 2.0 development the project will feature a 3 million sq. ft mall, about 1 million sq. ft of high-street retail, luxury brands, restaurants and indoor entertainment.

"The economy is growing, the number of millionaires is rising and people ...