Phoenix Mills Limited (“PML”) announced today that its wholly owned subsidiary, Casper Realty Private Limited, has been declared the highest bidder for two prime city-centric plots in Mohali, Punjab. The auction, conducted by the Greater Mohali Development Area Authority (GMADA), saw Casper secure the plots, which cumulatively span approximately 13.14 acres in Sector 62, YPS Chowk, Sahibzada Ajit Singh Nagar.
Casper’s winning bid amounted to approximately Rs. 891 crores, with payment to be completed within GMADA’s specified timelines. The plots are designated for commercial use, and the Company plans to develop an iconic retail-led, mixed-use destination on this land.
Located strategically between Chandigarh and Sahibzada Ajit Singh Nagar, the site boasts excellent connectivity and is poised to meet the growing demand for retail and entertainment spaces in the Chandigarh Metropolitan Region (CMR). This region includes Chandigarh and surrounding cities such as Panchkula, Mohali, Zirakpur, and New Chandigarh, making it a key area for real estate development.
Shishir Shrivastava, Managing Director at Phoenix Mills Limited, stated, “We are pleased to announce our successful bid for these land plots in Mohali. Our vision is to create a retail-led mixed-use destination that encompasses shopping, cinemas, world-class food and beverage options, commercial offices, and hotels. This project is set to become a new city center for the CMR region, catering to the untapped retail demand from a dense residential catchment.”
With this acquisition, Phoenix Mills continues its strategy of expanding its retail-led mixed-use portfolio in major Indian cities, aiming to establish mega consumption hubs in high-demand locations.
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