The Phoenix Mills Acquires Prime Land in Mohali, Punjab
The Phoenix Mills Limited (PML), a leading retail-led mixed-use developer in India, witnessed a surge in its stock price on September 20, 2024, following the announcement of its acquisition of two prime city-centric plots in Mohali, Punjab. The company's unit, Casper Realty Private Limited, emerged as the highest bidder for the plots, totaling approximately 13.14 acres, situated in Sector 62, YPS Chowk, Sahibzada Ajit Singh Nagar (Mohali).
The plots were auctioned by the Greater Mohali Development Area Authority (GMADA), and Casper Realty's winning bid amounted to around Rs 891 crore. The company plans to develop an iconic retail-led mixed-use project on this strategically located land parcel, which benefits from excellent connectivity and is well-suited to meet the rising demand for retail and entertainment spaces in the Chandigarh Metropolitan Region (CMR).
The CMR region, encompassing Chandigarh and its neighboring cities, has emerged as a key area for real estate development due to its strategic location at the crossroads of Punjab, Haryana, and Delhi. The company believes that its destination mall can cater to the untapped and growing retail demand in the region and become the dominant consumption center for Mohali, Chandigarh, and the entire CMR.
Despite a slight dip in profit for the June quarter of FY25, The Phoenix Mills remains optimistic about its future mall launches and continues to execute its strategy of retail-led mixed-use portfolio expansion in leading destinations across India. The company's stock price reflects investor confidence in its growth potential and its commitment to creating mega consumption hubs in key Indian cities.