The Phoenix Mills Limited (“PML” or “Company”) announced that Casper Realty Private Limited (“Casper”), a wholly owned subsidiary of PML, has been declared as the highest bidder for two prime city-centric plots in Mohali, Punjab. These plots - cumulatively admeasuring ~13.14 acres and located in Sector 62, YPS Chowk, Sahibzada Ajit Singh Nagar (Mohali) - were auctioned by Greater Mohali Development Area Authority (“GMADA”).
Casper was declared as the highest bidder, with a combined bid value of approximately Rs. 891 crores. The payment shall 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. With excellent connectivity, this land parcel, situated at YPS Chowk—between Chandigarh and Sahibzada Ajit Singh Nagar (Mohali), is well-positioned to capitalize on the growing demand for retail and entertainment spaces in the Chandigarh Metropolitan Region (CMR).
CMR encompasses the union territory of Chandigarh and its neighbouring cities, including Panchkula, Mohali, Zirakpur, New Chandigarh, Kharar, Pinjore, Kalka, and Barwala. Strategically located at the crossroads of Punjab, Haryana, and Delhi, the CMR region has emerged as a prime destination for real estate development.
Commenting on the development, Shishir Shrivastava, Managing Director at The Phoenix Mills Limited, said: “We are pleased to announce that 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. and is poised to become the new city center for the CMR region. Given the strategic location, amidst a dense residential catchment and a large captive and urban population, we believe that our destination mall can cater to the untapped and growing retail demand in this city and truly become the dominant consumption centre not only for Mohali and Chandigarh but for the entire Chandigarh Metropolitan Region, including Panchkula, Zirakpur and neighbouring cities. We remain optimistic about our future mall launches and we continue to execute our previously stated strategy of retail-led mixed-use portfolio expansion in market leading destinations in cities of India, which present the opportunity for us to create such mega consumption hubs.”
