Phoenix Mills Completes Full Land Payment to GMADA for Chandigarh/Mohali Project, Making It a Wholly-Owned Development; Excavation Begins
Phoenix Mills Completes Land Acquisition in Mohali
Phoenix Mills has paid ₹716 crore to GMADA towards its land at Chandigarh as the balance payment, finalizing ownership of the ~13.14 acre plot located in Sector 62, YPS Chowk, Sahibzada Ajit Singh Nagar (Mohali). The company is now developing Chandigarh as a wholly owned project of PML, with excavation work having just started on the site.
From Auction Win to Wholly-Owned Development
In April 2024, Casper Realty, a wholly owned subsidiary of PML, was declared the highest bidder for two prime city-centric plots in Mohali, Punjab, with a combined bid value of approximately ₹891 crores. The payment schedule under GMADA required staged disbursements. The ₹716 crore paid in the quarter ending June 2026 represents the balance payment, which was announced the prior year.
Project Scope and Location
Both plots are classified for commercial use and the company intends to develop an iconic retail-led, mixed-use development on this land parcel. The land parcel is well-positioned to capitalize on the growing demand for retail and entertainment spaces in the Chandigarh Metropolitan Region, with excellent connectivity between Chandigarh and Sahibzada Ajit Singh Nagar (Mohali).
Sector 62 is a locality with important administrative buildings located in Mohali, Punjab, and the area is well connected with road, rail and air, with the nearest airport being Chandigarh Airport and the railway station at Industrial Area - Phase 9.
Phoenix Mills' Retail-Led Footprint
Phoenix Mills Limited (PML) is a leading retail-led mixed-use developer in India, founded in 1905, and has transformed into a significant player in the real estate sector, particularly known for developing large-format retail malls, commercial spaces, and hospitality projects. The group possesses real estate assets in Mumbai, Bengaluru, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly, and Ahmedabad.
Phoenix Mills is India's largest retail led mixed-use developer. The company has successfully delivered over 3.5 million square feet of premium residential developments in Chennai and Bengaluru, and is currently executing an approximately 1 million square feet premium residential project in Alipore, Kolkata, with an under-planning residential pipeline of approximately 2.5 million square feet across key metro cities.