Phoenix Mills gains after Palladium Ahmedabad opens for public

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The Phoenix Mills rose 1.18% to Rs 1330 after the company and the B Safal Group announced the opening of Palladium mall in Ahmedabad.

Spread over 5 acres, Palladium Ahmedabad has a gross leasable area of over 750,000 sq. ft. and brings over 35 international luxury brands.

Palladium Ahmedabad has been developed by the BSafal Group under its joint venture with PML.

Atul Ruia, Chairman, The Phoenix Mills, said, Gujarat has always been an attractive landscape for us because of its cosmopolitan population and growing exposure to the luxury ecosystem.

Palladium Ahmedabad is an artistic and architectural marvel, which is set to bring coveted luxury brands and a unique, immersive shopping experience to Ahmedabad.

Separately, after trading hours on Friday (24 February 2023), 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.

Alipore is an established upmarket location with superior infrastructure, connectivity, and reach.

PCPL has acquired the land parcel at a consideration of Rs. 414.31 crore, including stamp duty. This acquisition provides PCPL with the opportunity to build a world class residential development of more than 1 million square feet of saleable area.

PCPL 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 crore.

The Phoenix Mills is India's largest retail led mixed-use developer. Its operations span across most aspects of real estate development; planning, execution, marketing, management, maintenance & sales. The group has real estate assets in Mumbai, Bengaluru, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly & Ahmedabad.

The company had reported 78% jump in consolidated net profit to Rs 176.4 crore on a 66% increase in revenue from operations to Rs 683.8 crore in Q3 FY23 over Q3 FY22.

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