Casper Realty Private Limited, a wholly owned subsidiary of The Phoenix Mills Limited, has been declared as the highest bidder for two prime city-centric plots in Mohali, Punjab

Mumbai, India (September 20, 2024): The Phoenix Mills Limited (“PML” or “Company”) announced today 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 measuring ~13.14 acres and located in Sector 62, YPS Chowk, Sahibzada Ajit Singh Nagar (Mohali) – were auctioned by the 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 neighboring 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, Mr. 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 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 center not only for Mohali and Chandigarh but for the entire Chandigarh Metropolitan Region, including Panchkula, Zirakpur and neighboring 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.”

About Phoenix Mills Limited (PML)

PML (BSE: 503100 | NSE: PHOENIXLTD) is India’s leading owner, operator and developer of retail-led mixed-use destinations. PML Group’s developments are spread across retail, hospitality, commercial offices, and residential asset classes.

PML and its subsidiaries have an operational retail portfolio of over 11 million sq. ft. of retail space across 8 major cities of India and are further developing approximately 4 million sq. ft. of retail space across 3 new malls and further densifying its existing destinations.

PML Group’s mixed-use destinations also include Grade A offices with an operational office portfolio of over 2 million sq. ft. and under development office portfolio of over 5 million sq. ft. PML Group has delivered 3 iconic residential projects across the country and currently has one project under development in Kolkata.

PML Group also owns and operates two hotels – The St. Regis, Mumbai, and Courtyard by Marriott, Agra and currently 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, with 10 diverse offerings, across its malls. With a presence across India, PML is transforming cityscapes with iconic destinations that blend shopping, dining, entertainment, and hospitality.