The Phoenix Mills Limited's arm acquires 7.48 acres prime land in Alipore, Kolkata
Posted On:
2021-02-09 09:43:53
(Time Zone: Arizona, USA)
Mindstone Mall Developers Pvt. Ltd., wholly owned subsidiary of The Phoenix Mills Limited (PML), has announced acquisition of approximately 7.48 acres of prime land in Alipore, Kolkata for a total consideration of Rs. 3,000 million. The land parcel is strategically located on Diamond Harbour Road, Alipore, Kolkata.
The land parcel has development potential of approximately 1.00 msf with the first phase of the development expected to be operational during FY25 subject to local and municipal approvals.
Commenting on the acquisition, Mr. Raghav Bajoria, Development Director, said: "We are pleased to establish our footprint in Kolkata with this acquisition in a premium neighbourhood like Alipore. The site is strategically located to provide excellent frontage coupled with superior visibility and connectivity. The site will provide us with ample opportunity to cater to the untapped consumption potential in the region. Our development will be designed by international architects with a modern design, large open public spaces and hosting the best of domestic and international experiences."