Phoenix Mills Limited, a prominent real estate developer, has expanded its footprint in Punjab by acquiring two prime land parcels in Mohali. Its subsidiary, Casper Realty Pvt Ltd, emerged as the highest bidder in a recent auction conducted by the Greater Mohali Area Development Authority (GMADA).
The two plots, strategically located in Sector 82A and Sector 115 of Mohali, were acquired for a total of ₹891 crore. The plot in Sector 82A spans 12.91 acres, while the one in Sector 115 covers 10.69 acres. These acquisitions represent a significant investment for Phoenix Mills, demonstrating its confidence in the growth prospects of Mohali and its surrounding areas.
Phoenix Mills plans to develop mixed-use projects on these land parcels, incorporating a blend of residential, commercial, and retail spaces. The company’s vision for these projects aligns with the broader development plans of Mohali, which is rapidly emerging as a major commercial and residential hub in the region.
By investing in Mohali, Phoenix Mills is tapping into a market with strong growth potential. The city’s proximity to Chandigarh, its robust infrastructure, and its growing population make it an attractive destination for real estate investment. Phoenix Mills’ presence in Mohali is expected to contribute to the further development of the city and enhance its appeal as a desirable location for businesses and residents.
The acquisition of these land parcels marks a significant milestone for Phoenix Mills, solidifying its position as a leading player in the Indian real estate market. The company is well-equipped to deliver high-quality projects that meet the evolving needs of modern consumers and contribute to the overall development of the region.
