Phoenix Mills’ (PML) wholly owned subsidiary -- Palladium Construction (PCPL) has completed the acquisition of a prime land parcel, admeasuring approximately 5.5 acres, in Alipore, Kolkata. This acquisition marks a significant milestone for the Company as it expands its footprint in the residential segment with a premium development in the prime and exclusive neighbourhood of Alipore, Kolkata.
PCPL has acquired the land parcel at a consideration of Rs 414.31 crore, including stamp duty. The land is in Alipore and has excellent road connectivity to the key residential and commercial zones of Kolkata. This acquisition provides the Company with a unique opportunity to build a world class residential development of more than 1 million square feet of saleable area.
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.
