The Phoenix Mills, a retail-led mixed-use asset developer and operator, paid more than INR 414 crores, including stamp duty payments, for a prominent 5.5-acre land parcel in Kolkata’s Alipore neighborhood.
The company bought the parcel of land through its completely owned subsidiary Palladium Construction (PCLP) with the intention of developing a project for upscale and luxury homes.
The project will consist of 325-350 homes, with approx. 1 million SqFt of saleable area and an estimated gross sales value in excess of INR 2,300 crores.
PCPL intends to start building on the site right away and anticipates finishing the project in 2028 or 2029. The main residential and commercial areas of Kolkata are accessible by road from the land in Alipore. With this acquisition, PCPL will have the chance to create a top-notch residential community.
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