Casper Realty Pvt Ltd, a wholly-owned subsidiary of The Phoenix Mills Ltd (PML), has been declared the highest bidder for two prime city-centric plots in Mohali, Punjab. The plots, covering approximately 13.14 acre and located at YPS Chowk in Sector 62, were auctioned by the Greater Mohali Development Area Authority (GMADA). Casper’s winning bid amounts to approximately Rs 891 crore, with payment to be completed as per GMADA’s timeline.
Both plots are earmarked for commercial use, and PML plans to develop a retail-led, mixed-use project. The development will include retail spaces, cinemas, food and beverage outlets, commercial offices, and hotels, with the aim of creating a significant retail and entertainment hub in the Chandigarh Metropolitan Region (CMR).
The site is strategically located between Chandigarh and Mohali, an area with strong connectivity and growing demand for retail and entertainment options. The CMR region, which includes key cities such as Panchkula, Mohali, Zirakpur, and New Chandigarh, is fast emerging as a prime destination for real estate development.
Commenting on the acquisition, Shishir Shrivastava, Managing Director, Phoenix Mills, said, “We are pleased to announce that we have been declared as the highest bidders for the acquisition of two land plots in Mohali, Punjab. We intend to develop an iconic retail-led mixed-use destination on this land parcel which will include retail, cinemas, world-class F&B, commercial offices, and hotels, and is poised to become the new city center for the CMR region. Given the strategic location, amidst a dense residential catchment and a large captive and urban population, we believe that our destination mall can cater to the untapped and growing retail demand in this city and truly become the dominant consumption centre not only for Mohali and Chandigarh but for the entire Chandigarh Metropolitan Region, including Panchkula, Zirakpur, and neighboring cities. We remain optimistic about our future mall launches and continue to execute our previously stated strategy of retail-led mixed-use portfolio expansion in market-leading destinations in cities of India, which present the opportunity for us to create such mega consumption hubs.”
This acquisition aligns with PML’s strategy of expanding its portfolio of retail-led developments in key urban centers across India.