Phoenix Mills has completed the acquisition of 7.22 acre-land parcel in Surat, Gujarat for about Rs 510 crore. The amount is inclusive of stamp duty. The land parcel has been acquired through Thoth Mall and Commercial Real Estate, an indirect subsidiary of the company. The subsidiary firm will develop a premium retail destination with gross leasable area of about 1 million square feet, and currently, expects to complete the retail development by FY27.
Phoenix Mills is engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.
