Casper Realty, a subsidiary of Phoenix Mills (PML), has acquired two prime land parcels in Mohali, Punjab, for INR 891 crore. Spanning over 13.14 acres and auctioned by the Greater Mohali Area Development Authority (GMADA), these plots are designated for commercial use. Managing director Shishir Shrivastava stated the company plans to develop a retail-led mixed-use destination, featuring retail spaces, cinemas, dining options, commercial offices, and hotels. This expansion aligns with PML's strategy, enhancing its extensive retail portfolio and contributing to Mohali's economic growth and urban development.
In a significant move that highlights its growth ambitions, Casper Realty, a wholly-owned subsidiary of Phoenix Mills (PML), has successfully acquired two prime land parcels in Mohali, Punjab, for an impressive INR 891 crore. This strategic acquisition is set to bolster the company's presence in one of the country's rapidly developing urban centres.
The newly acquired land spans over 13.14 acres and was auctioned by the Greater Mohali Area Development Authority (GMADA). Both plots are designated for commercial use, providing a robust foundation for a diverse range of development opportunities. Shishir Shrivastava, the managing director of Casper Realty, articulated the company's vision for the land, indicating plans to create a mixed-use destination that encompasses retail spaces, cinemas, dining options, commercial offices, and hotels. This ambitious project aims to create a vibrant, multifaceted hub that caters to local residents while also drawing visitors from neighbouring regions, ultimately enriching the community's lifestyle and economy.
PML and its subsidiaries have established a powerful presence in the retail sector, currently managing an extensive operational portfolio of over 11 million square feet of retail space across eight cities. This latest acquisition aligns with their broader strategy, as the company is also actively developing around four million square feet of retail space across three new malls. This commitment to expansion signifies PML's confidence in the growth potential of the retail market in India.
By investing in Mohali, Casper Realty is poised to play a pivotal role in reshaping the commercial landscape of the area. This development is expected to not only drive economic growth but also create numerous job opportunities, contributing significantly to the region's employment landscape. The integration of retail, entertainment, and hospitality offerings in one location will foster a sense of community while enhancing the overall quality of life for residents. As Casper Realty embarks on this exciting journey, it demonstrates a commitment not only to business growth but also to the long-term development of Mohali, ensuring that it becomes a vital part of the region's urban fabric and a destination for both shopping and leisure.
Casper Realty's acquisition of land in Mohali marks a pivotal step in the company's expansion strategy, reinforcing its commitment to creating vibrant, mixed-use developments. By integrating retail, entertainment, and hospitality offerings, Casper aims to enhance the local community's lifestyle while driving economic growth in the region. This project not only reflects PML's confidence in the potential of the Indian retail market but also signifies a long-term investment in Mohali's urban development, promising to create new job opportunities and establish a dynamic destination for residents and visitors alike.
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