Phoenix Mills Acquires Land in Mohali for Retail Development

New Delhi, Sep 20 (PTI) Realty firm The Phoenix Mills Ltd has won bids to acquire two prime plots in Mohali totalling 13.14 acres for Rs 891 crore and will use the land parcels to mainly develop retail spaces.

In a regulatory filing, the company said its subsidiary Casper Realty Pvt Ltd has been "declared as the highest bidder for two prime city-centric plots in Mohali, Punjab".

These plots - cumulatively measuring around 13.14 acres and located in Sector 62, YPS Chowk, Sahibzada Ajit Singh Nagar (Mohali) - were auctioned by Greater Mohali Area Development Authority (GMADA).

"Casper was declared as the highest bidder, with a combined bid value of approximately Rs 891 crore," it added.

The payment should be completed within the timelines stipulated by GMADA.

"Both plots are classified for commercial use and the company intends to develop an iconic retail-led, mixed-use development on this land parcel," the company said.

"We have been declared as the highest bidders for the acquisition of two land plots in Mohali, Punjab. We intend to develop an iconic retail-led mixed-use destination on this land parcel which will include retail, cinemas, world-class F&B, commercial offices and hotels etc," Shishir Shrivastava, Managing Director at The Phoenix Mills Ltd, said.

The company is one of the leading developers of retail-led mixed-use destinations.

The Phoenix Mills Ltd's developments are spread across retail, hospitality, commercial offices and residential asset classes.

It has an operational retail portfolio of over 11 million square feet of retail space across 8 major cities of India and are further developing about 4 million square feet of retail space across 3 new malls and further densifying its existing destinations.

The Phoenix Mills' mixed-use destinations also include Grade A offices with an operational office portfolio of over 2 million square feet and under development office portfolio of over 5 million square feet.

The company has delivered three residential projects across the country and currently has one project under development in Kolkata. It also owns and operates two hotels - The St. Regis, Mumbai and Courtyard by Marriot, Agra and has a Grand Hyatt hotel under planning at Whitefield Bengaluru.

The group has expanded its business to include F&B (food and beverage), operating 39 outlets.