The company has acquired the land parcel through its wholly-owned subsidiary Palladium Construction to develop a premium and luxury residences project. The proposed project will have a total development potential of more than 1 million sq ft of saleable area.
The company plans to start the development on the site immediately and expect to complete construction of the project by 2028-2029. The project will include 325-350 homes, with an estimated gross sales value in excess of Rs 2,300 crores.
“This acquisition is aligned with our strategy to selectively develop marquee residential projects in prime markets such as Kolkata… We are pleased to expand our footprint in Kolkata, with acquisition of this prime piece of land in the heart of the city at Alipore,” said Shishir Srivastava, Managing Director at The Phoenix Mills.
Prior to this, in February 2021, the company had acquired a land parcel to develop a retail destination on Diamond Harbour Road, which is about 2 kms away from this newly acquired land parcel. The company’s wholly-owned subsidiary Mindstone Mall Developers had acquired this 7.48 acres of land parcel in Kolkata for Rs 300 crore.
The latest land acquired by the company is a part of the upcoming Alipore Green City Development project in Kolkata. This acquisition allows the company to expand its footprint in the residential segment with a premium development in Kolkata’s prime neighbourhood.
Alipore is an established upmarket location with superior infrastructure, connectivity, and reach. It is one of the most premium neighbourhoods in Kolkata, and is home to several iconic monuments, recreational outlets, hospitals, and educational institutions. This neighbourhood is highly aspired because of its upscale homes, parks, and green sidewalks.The company has an ongoing residential project with saleable area of 3.5 million sq ft in Bangalore and the acquisition of the land parcel in Alipore Kolkata will be an addition to the residential portfolio.
The Phoenix Mills including its subsidiaries and group companies has so far completed development of over 19 million sq ft spread across retail, hospitality, commercial, and residential asset classes.
The group has an operational retail portfolio of over 8 million sq ft of retail space spread across 9 operational retail destinations in 7 major cities of India. The company’s 750,000 sq ft retail mall in Ahmedabad will start its operations from Sunday.
The Phoenix Mills is further developing 5 new retail malls in 5 major cities of the country and expanding 2 of its existing retail malls that will together add around 6 million sq ft of retail space.
The company is further densifying its retail-led mixed-use destinations with Grade A offices and currently has an operational office portfolio with gross leasable area of over 2 million sq ft and under development office portfolio of over 5 million sq ft. Ends