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Private Sector | Karnataka - India | PID: 203008
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Phoenix Mills (PML), mixed-use asset developer and operator of Phoenix Malls may come up with a third mall in the Mumbai Metropolitan Region (MMR) in Thane. It is also likley to expand its Phoenix Market City Mall in Bengaluru.
The company, in November 2023, had acquired 11 acres of land in Majiwada area in Thane, Maharashtra. Phoenix Mills' Phoenix Palladium in Lower Parel in Mumbai is operational along with a hotel St Regis and a residential tower. The company will also come up with a commercial project in the vicinity, which is anticipated by 2027.
Besides this, the company also plans to expand its Phoenix MarketCity Mall in Bengaluru. It is likely to be a large mixed-use development with a combination of retail component and/or hotel. The company has acquired 6.6 acres of land adjacent to Phoenix MarketCity Bengaluru in Whitefield at a cost of about Rs 230 crore in a joint venture with Canada Pension Plan.
For this, the plan is to amalgamate the two land parcels and to utilise the overall development mix in a composite manner. The land parcel has a development potential of 1.3- 1.4 million sq. ft. This acquisition will help in creating a bigger destination with entertainment, F&B and retail.
| Updated on: 13 - Jun - 2024
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