The Phoenix Mills Acquires Prime Plots in Mohali for Iconic Retail Development

Realty firm The Phoenix Mills Ltd has secured two prime plots in Mohali for Rs 891 crore. The company plans to develop iconic retail-led mixed-use spaces encompassing retail, cinemas, F&B, offices, and hotels. This acquisition expands their portfolio across retail, hospitality, and commercial sectors.

The Phoenix Mills Ltd has successfully won bids to acquire two prime plots in Mohali, totaling 13.14 acres, for Rs 891 crore. The company aims to utilize these parcels primarily for retail space development.

In an official regulatory filing, The Phoenix Mills Ltd announced that its subsidiary, Casper Realty Pvt Ltd, had been declared the highest bidder for these strategically located plots in Sector 62, YPS Chowk, Mohali. The auction was conducted by the Greater Mohali Area Development Authority (GMADA).

The combined bid value for these plots stands at approximately Rs 891 crore, with payment due within GMADA's stipulated timelines. These plots are designated for commercial use, and the company plans to develop an iconic retail-led, mixed-use destination featuring retail spaces, cinemas, F&B outlets, commercial offices, and hotels. Shishir Shrivastava, Managing Director at The Phoenix Mills Ltd, highlighted the firm's commitment to expanding its portfolio across India's major cities, reinforcing their position as leading developers of retail-led mixed-use destinations.

(With inputs from agencies.)