The Phoenix Mills announced that its wholly owned subsidiary Palladium Construction (PCPL) has completed the acquisition of a prime land parcel, admeasuring approx. 5.5 acres, in Alipore, Kolkata.

“This acquisition marks a significant milestone for PCPL as it expands its footprint in the residential segment with a premium development in the prime and exclusive neighbourhood of Alipore, Kolkata,” Phoenix Mills said in a statement.

PCPL has acquired the land parcel at a consideration of Rs. 414.31 crore, including stamp duty. The land is in Alipore and has road connectivity to the key residential and commercial zones of Kolkata. This acquisition provides PCPL with the opportunity to build a world class residential development of more than 1 million square feet of saleable area. Alipore is an established upmarket location with superior infrastructure, connectivity, and reach. It is one of the most premium neighbourhoods in Kolkata, and is home to several iconic monuments, recreational outlets, hospitals, and educational institutions. The land acquired is a part of the upcoming Alipore Green City Development Project at Kolkata.

PCPL plans to begin the development on the site immediately and expect to complete construction of the project by 2028-2029. The project will include 325-350 homes, with approx. 1 million square feet of saleable area and an estimated gross sales value in excess of Rs. 2,300 crore.

Shishir Srivastava, managing director at The Phoenix Mills, said: "We are pleased to expand our footprint in Kolkata, with acquisition of this prime piece of land in the heart of the city at Alipore.

Earlier in February 2021, we had acquired a land parcel for developing a retail destination on Diamond Harbour Road, which is about 2 kms away from this land parcel. This acquisition allows us to bring out our vision for developments that are truly world-class in quality and infrastructure.”

The Phoenix Mills is India's largest retail led mixed-use developer. Its operations span across most aspects of real estate development; planning, execution, marketing, management, maintenance & sales. The group has real estate assets in Mumbai, Bengaluru, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly & Ahmedabad.

The company had reported 78% jump in consolidated net profit to Rs 176.4 crore on a 66% increase in revenue from operations to Rs 683.8 crore in Q3 FY23 over Q3 FY22.

The scrip rose 2.09% to end at Rs 1314.55 on the BSE on Friday.