Phoenix Group's presence at Majiwada Junction did not begin with a residential launch. It began with a land transaction. In November 2023, Sparkle Two Mall Developers Pvt. Ltd., a wholly owned subsidiary of The Phoenix Mills Limited, acquired the former Huhtamaki PPL industrial land parcel in Majiwada. The land, situated at the critical Majiwada Junction, was acquired by Sparkle Two Mall Developers Pvt. Ltd., a wholly owned subsidiary of Phoenix Mills, in late 2023. The clearing of the 11.5-acre industrial plot marks the formal commencement of the Phoenix Mills project, a massive 1.5 million-square-foot mixed-use development, with an estimated acquisition cost of INR 429 crore. International property consultants were engaged on the transaction, and by early 2026, demolition crews had begun dismantling the old Huhtamaki factory structures, moving the site from industrial use toward a large-format commercial destination.
The scale of what Phoenix Group has planned for this address is deliberately large. The project will encompass a large-scale mall, a hotel, office spaces, and potentially some residential components, with the initial phase focused on constructing the mall, and completion anticipated by 2028. According to investor presentations from Phoenix Mills, the Thane project is envisioned as a city-center lifestyle destination, with a primary focus on a large-format retail mall similar in scale to Phoenix Marketcity or Palladium, and a comprehensive development mix including between 1.2 and 1.5 million square feet of leasable retail area. This is a distinct product type from the residential towers that dominate the rest of Majiwada's skyline, and it positions Phoenix Group as a commercial anchor rather than a housing developer in this micro-market.
The choice of site reflects the same locational logic that has drawn residential developers to Majiwada for over a decade. Majiwada serves as the primary gateway for Thane, connecting the Eastern Express Highway with the Mumbai-Nashik Expressway and Ghodbunder Road. Majiwada Junction serves as a vital connector for Mumbai, Bhiwandi, Kalyan, Thane, and Mira Bhayander, ensuring high accessibility and attracting a wide customer base. The junction is also surrounded by dense residential catchments, from established societies to newer high-rises. Majiwada Junction is surrounded by bustling residential areas including Majiwada Gaon, Majiwada Lodha Paradise, Rustomjee Area, Pokhran Road 2, Manpada, Balkum, Kapurbawdi, and Kolshet, and the upcoming mall is expected to become a central hub for these communities. Local commentary has also pointed to an existing capacity gap: the project is poised to alleviate the significant congestion experienced at the existing Viviana Mall, which currently faces overcrowding due to a lack of comparable large-format retail offerings. Infrastructure timing reinforces the bet. The timing of the project aligns with major infrastructure updates in the vicinity, including the upcoming Metro Line 4 (Wadala-Kasarvadavali) and the proposed Thane-Borivali Twin Tunnels, which are expected to further boost the accessibility of the Majiwada node.
Phoenix Group's Majiwada commitment sits within a much larger national retail-led platform. The company's leasable footprint runs into double digits of million square feet. Phoenix Mills' leasable land portfolio exceeds 11 million sq ft across 12 retail hubs in eight major Indian cities. Its flagship Mumbai assets set the template for what Majiwada is expected to become. Phoenix Mills operates a mall named Phoenix Palladium in Central Mumbai's Lower Parel along with a hotel, St Regis, and a residential tower, while it also runs a mall named Phoenix MarketCity in the Kurla area of Mumbai. The group has replicated this mall-plus-hospitality-plus-office formula outside Mumbai as well, including a 1.2 million sq ft mall over 13 acres of land in North Bengaluru, developed as a joint venture with the Canada Pension Plan Investment Board. Thane is one of several new-market bets in the company's current expansion cycle. The company is actively pursuing projects in vibrant cities such as Kolkata, Surat, Coimbatore, Thane, and Chandigarh, among others. Financially, the group's core retail business has been on an upswing: Phoenix Mills reported a 36% increase in net profit and a 34% growth in income from operations in fiscal year 2023-24.
Majiwada's existing social and physical infrastructure gives Phoenix Group's project a ready catchment rather than a greenfield one. Majiwada Junction sits at the confluence of the Eastern Express Highway, Ghodbunder Road, and the proposed Thane Metro Line, creating a connectivity matrix that drives consistent real estate appreciation in this micro-market. Thane Railway Station, one of Mumbai's busiest junctions with Central Line and Trans-Harbour Line services, is approximately 10 minutes away. Healthcare and education anchors are already in place nearby: Viviana Mall, Jupiter Hospital, Hiranandani Hospital, and several premium educational institutions including Singhania School are all within a 10-15 minute radius, ensuring a comprehensive urban lifestyle. The area's largest existing retail draw has itself recently changed hands. Viviana Mall has been rebranded as Lake Shore Thane after a significant retail transaction, and continues to function as a large-format regional mall offering fashion, F&B, entertainment and services. Employment demand around the junction is diversified across industrial and corporate formats, with proximity to major employment hubs including Kolshet Industrial Area, Wagle Industrial Estate, and upcoming IT parks, along with corporate clusters at ThaneOne Corporate Park and Hiranandani Business Park driving rental demand.
Residential values in Majiwada have moved steadily rather than sharply, which is consistent with an established, infrastructure-backed micro-market rather than a speculative one. The average price for buying apartments in Majiwada is around ₹20,650 per square foot, with a price movement of 3.5% over the last one year. On the retail side, the underlying case for Phoenix Group's bet is a documented supply gap: Thane, with a population of over 30 lakh and a rapidly expanding residential landscape, has been experiencing a significant retail deficit. That combination — a large, still-underserved consumption base and a junction that already functions as the entry point into Thane from Mumbai, Bhiwandi and Kalyan — is what has drawn a listed, retail-led developer of Phoenix Group's scale to commit close to ₹429 crore in land value alone before a single tower has come up.
