The land has been acquired through Thoth Mall and Commercial Real Estate, an indirect subsidiary of the company. Thoth will develop a premium retail destination with gross leasable area of approximately 1.0 million square feet and currently expects to complete the retail development by FY27.

Shishir Shrivastava, managing director at The Phoenix Mills, said, "We remain optimistic about our future mall launches and with this acquisition we continue to execute our previously stated strategy of retail portfolio expansion in market leading destinations in cities of India, which present the opportunity for us to create such mega consumption hubs."

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's consolidated net profit surged 220.3% to Rs 185.81 crore on a 79% jump in net sales to Rs 651.08 crore in Q2 FY23 over Q2 FY22.