Phoenix Mills arm wins bid for two prime plots in Mohali

20 Sep 2024 , 05:21 PM

Phoenix Mills Ltd, which constructs and operates shopping malls across the country, stated Thursday (September 19) that its wholly-owned subsidiary, Casper Realty Private Ltd, was the highest bidder for two strategically placed plots in Mohali, Punjab.

Following this development, the counter rose as much as 10% to an intraday high of ₹1,950.

The properties, located in Sector 62, YPS Chowk, Sahibzada Ajit Singh Nagar (Mohali), cover around 13.14 acres. They were auctioned by the Greater Mohali Development Area Authority (GMADA). Casper Realty won the bid for around ₹891 Crore.

The payment must be completed within the time frames specified by GMADA. Both plots are zoned for commercial use, and Phoenix Mills plans to build an iconic retail-led, mixed-use development on this land site, according to a regulatory filing.

With good connectivity, this property parcel at YPS Chowk—between Chandigarh and Sahibzada Ajit Singh Nagar (Mohali)—is well-positioned to capitalise on the expanding need for retail and leisure areas in the Chandigarh Metropolitan Region.

The CMR includes Chandigarh and its surrounding cities, such as Panchkula, Mohali, Zirakpur, New Chandigarh, Kharar, Pinjore, Kalka, and Barwala. The CMR region, which is strategically placed at the crossroads of Punjab, Haryana, and Delhi, has evolved as a popular real estate development area.

At around closing, Phoenix Mills was trading 9.13% higher at ₹1,927.10 per piece, against the previous close of ₹1,765.90 on NSE.

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