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."
"We are witnessing a strong recovery across our businesses which faced a temporary disruption during 2020. With our businesses stabilizing, we are once again executing on our stated strategy of expanding our portfolio in market leading destination in Tier-1 cities of India. This greenfield development opportunity in Kolkata is the first such addition to our portfolio in 2021 and will add to our operational developments beyond 2024." commented Mr. Shishir Shrivastava, Managing Director.
Kolkata is a prominent business hub in Eastern India owing to its strategic location and excellent connectivity. It is home to several large manufacturing and information technology companies along with a well-developed banking sector. The city has witnessed rapid expansion of residential and commercial development in the last decade. Alipore is an established location with various luxurious / high end residential projects and superior infrastructure connectivity and reach.
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