📋 Tender Overview
Scope : Development of Mall in Surat, Gujarat
The Phoenix Mills intends to open a second mall in Surat. The company has acquired land for the Surat project and is awaiting the mandatory approvals. The mall will have approximately one million square feet of retail space and is expected to be completed within the next three years.
The Phoenix Mills has announced the acquisition of a prime city-centric land parcel in Surat, Gujarat, admeasuring 7.22 acres, for a total consideration of Rs 510 crore, inclusive of stamp duty. The land is at a strategic location on Udhana Magdalla Road, Surat, Gujarat. The land has been acquired through Thoth Mall and Commercial Real Estate Pvt Ltd (an indirect subsidiary of the company). Graceworks Realty & Leisure Pvt Ltd, which is a PML-GIC Joint Venture entity, owns 80% equity shareholding in Thoth while the balance 20% equity shareholding is held by B Safal Group.
It plans to develop a premium retail destination with gross leasable area of 1.0 mn sq ft and currently expects to complete the retail development by FY27. While they await further details such as expected rental and construction costs, this announcement is in line with the company's intention to add 1 million sq ft of mall area, every year.
