India, June 26 -- India's organised retail real estate market is moving beyond just shopping. Large malls are now becoming full-day destinations with fashion, food, entertainment, luxury stores, electronics, jewellery, gaming zones and premium experiences. For real estate companies, this makes malls a valuable annuity business because they can generate rental income every year, unlike residential projects where income depends on launches and sales cycles.

Two major listed real estate companies with mall portfolios are Prestige Estates Projects and The Phoenix Mills. Both companies have strong brands, high occupancy and big expansion plans. But when it comes to the simple question of who earns more from malls today, the answer is very cl...