Phoenix Mills is currently wrapping up the acquisition of three expansive thirty-acre plots located in Ahmedabad, Hyderabad, and Nashik, with an investment of around eight billion rupees. The intention behind this acquisition is to establish vibrant malls and entertainment zones on these property parcels.
Sources indicate that the deal is expected to be finalized within the upcoming weeks. The Mumbai-centric real estate developer has been actively working on its Market City Projects, which boast an impressive footprint of 21.4 million square feet across various cities including Mumbai, Bangalore, Chennai, Pune, Raipur, Agra, and Indore.
As part of its strategy, the company aspires to forge long-term partnerships with developers, aiming for a comprehensive pan-India presence within the next three years.
In light of the evolving retail landscape, estimates suggest that the nation is on track to host over 500 malls by 2010, a significant increase from only three malls recorded in 2000. By 2011, around 300 million square feet of premium retail space is anticipated to be available.