The Phoenix Mills Limited (PML) announced that Palladium Construction Private Limited (PCPL or Company), a wholly owned subsidiary of PML, has completed the acquisition of a prime land parcel, admeasuring approx. 5.5 acres, in Alipore, Kolkata. This acquisition marks a significant milestone for the Company as it expands its footprint in the residential segment with a premium development in the prime and exclusive neighbourhood of Alipore, Kolkata.
PCPL has acquired the land parcel at a consideration of Rs. 414.31 crores, including stamp duty. The land is in Alipore and has excellent road connectivity to the key residential and commercial zones of Kolkata. This acquisition provides the Company with a unique opportunity to build a world class residential development of more than 1 million square feet of saleable area.
Commenting on the development, Mr. Shishir Srivastava, Managing Director at The Phoenix Mills Limited said: "We are pleased to expand our footprint in Kolkata, with acquisition of this prime piece of land in the heart of the city at Alipore. Earlier in February 2021, we had acquired a land parcel for developing a retail destination on Diamond Harbour Road, which is about 2 kms away from this land parcel. This acquisition allows us to bring out our vision for developments that are truly world-class in quality and infrastructure. This acquisition is aligned with our strategy to selectively develop marquee residential projects in prime markets such as Kolkata."
"We are committed to delivering the highest quality of life for our customers," said Mr. Raghav Bajoria, Chief Development Director at The Phoenix Mills Limited. "Our focus is on providing world-class design, exceptional amenities and unmatched customer service. We believe that this project in Alipore will be a reflection of our commitment. The location offers a tranquil setting, a welcome escape from the hustle and bustle of the city and yet has excellent connectivity to key landmarks."
Alipore is an established upmarket location with superior infrastructure, connectivity, and reach. It is one of the most premium neighbourhoods in Kolkata, and is home to several iconic monuments, recreational outlets, hospitals, and educational institutions. This neighbourhood is highly aspired because of its upscale homes, elegant parks and green sidewalks. The land acquired is a part of the upcoming Alipore Green City Development Project at Kolkata.
The Company plans to begin the development on the site immediately and expect to complete construction of the project by 2028-2029. The project will include 325-350 homes, with approx. 1 million square feet of saleable area and an estimated gross sales value in excess of Rs. 2,300 crores.
Shares of The Phoenix Mills Limited was last trading in BSE at Rs. 1314.55 as compared to the previous close of Rs. 1287.65. The total number of shares traded during the day was 5337 in over 1614 trades.
The stock hit an intraday high of Rs. 1328.55 and intraday low of 1281.85. The net turnover during the day was Rs. 6983896.00.