The land was purchased for the purpose of developing premium and luxury residences with a gross sales value of more than Rs 2,300 crore. The Phoenix Mills announced that its wholly owned subsidiary Palladium Construction (PCPL) has completed the acquisition of a prime land parcel, admeasuring approx. 5.5 acres, in Alipore, Kolkata. This acquisition marks a significant milestone for PCPL as it expands its footprint in the residential segment with a premium development in the prime and exclusive neighbourhood of Alipore, Kolkata, Phoenix Mills said in a statement.
PCPL paid Rs. 414.31 crore in total, including stamp duty, for the land parcel. The land is located in Alipore and has road access to the city’s major residential and commercial areas. This acquisition gives PCPL the opportunity to construct a world-class residential development with over 1 million square feet of saleable area. Alipore is a well-known upmarket location with excellent infrastructure, connectivity, and reach. It is one of Kolkata’s most affluent neighbourhoods, with numerous iconic monuments, recreational facilities, hospitals, and educational institutions. The acquired land will be used in the upcoming Alipore Green City Development Project in Kolkata.
We had previously acquired a land parcel for developing a retail destination on Diamond Harbour Road, which is approximately 2 kilometres away from this land parcel, in February 2021. This acquisition enables us to realise our vision for world-class developments in terms of quality and infrastructure.
Phoenix Mills is India’s largest retail-led mixed-use development company. Its operations cover the majority of aspects of real estate development, including planning, execution, marketing, management, maintenance, and sales. Real estate assets are held by the group in Mumbai, Bengaluru, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly, and Ahmedabad.