Phoenix Mills may come up with a third mall in MMR in Thane, expand Phoenix MarketCity Mall in Bengaluru


Phoenix Mills Limited (PML), retail-led mixed-use asset developer and operator of Phoenix Malls across the country, including Mumbai, may come up with a third mall in the Mumbai Metropolitan Region (MMR) in Thane and perhaps a hotel there. It may also expand its Phoenix Market City Mall in Bengaluru, said Shishir Shrivastava, Managing Director of Phoenix Mills.

Phoenix Mills Limited (PML) may come up with a third mall in the Mumbai Metropolitan Region (MMR) in Thane and perhaps a hotel there (Picture for representational purpose)(Pratik Chorge/HT Photo)

The company had in November 2023 announced the acquisition of 11 acres of land in Thane’s Majiwada area.

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Currently, Phoenix Mills operates a mall named Phoenix Palladium in Central Mumbai’s Lower Parel along with a hotel St Regis and a residential tower. The company will also come up with a commercial project in the vicinity by 2027. It also runs a mall named Phoenix MarketCity in Kurla area of Mumbai.

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Along with Thane, the company also plans to expand its Phoenix MarketCity Mall in Bengaluru, the official said.

Phoenix Mills Limited’s Thane plans

Elaborating on the company’s Thane plans, Shrivastava said, “We are going to take probably another two-three months perhaps to decide. But it’s seeming to be a large mixed-use development with a combination of maybe some retail, some hotel, we are trying to really determine if residential is the right way to go, that is where the question really is and what’s the best use on this land. So, we will be very, very happy to announce as soon as we have made a decision.”

Bengaluru expansion plans

The company acquired 6.6 acres of land adjacent to Phoenix MarketCity Bengaluru in Whitefield at a cost of about 230 crore in a joint venture with Canada Pension Plan.

Also Read: Lulu Group readies to set up large shopping mall in Ahmedabad, project to cost 4000 crore

“This is exactly adjacent (the land acquired in Bengaluru adjacent to Phoenix Market City). We are looking at how we can amalgamate the two land parcels and be able to utilize the overall development mix in a composite manner. The land parcel has a development potential of 1.3- 1.4 million sq ft,” Shrivastava said.

“This acquisition will help us create a much larger destination with perhaps more retail and more entertainment and F&B options,” Shrivastava added.

Not in the race to become a large residential developer

According to the company, it does not have any active plans on expanding in the residential segment and are very selective about the opportunities.

“We are not in any race to become a larger residential developer. We are being very selective about the opportunities and depending on the value at which we are able to buy land in mature, stable markets where absorption has been consistent, we will continue to look at those opportunities. But I can clarify that today we are not actively looking at any residential growth, new projects,” Shirvastava added.

Portfolio across malls, hotels, residential and commercial segment

Meanwhile, according to the data shared in regulatory filings, the company as of 2023, has a retail portfolio of 11 million sqft that will go up to 14 million sq ft by 2027. It has a residential portfolio of 3.5 million sq ft that will go up to 4.5 million sq ft by 2027.

Also Read: New supply of retail space to increase by almost 50%, to touch 134 mn sq ft in the next 5 years

In terms of hotels, its growth is expected to be almost double from 588 keys hotels to 988 keys hotels. In the commercial office space segment, its portfolio is 3 million sq ft and is expected to go up to 7 million sq ft by 2027, the regulatory filing said.

Phoenix Mills Ltd net profit rose 34% for the fourth quarter of fiscal 2024. The company’s net profit increased to 392 crore in the January-March period, as compared with 292 crore over the same period last year.



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