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Phoenix Mills ventures into Thane with new mall development plan

Phoenix Mills Limited (PML), a prominent retail-led mixed-use asset developer and operator, is poised for significant expansion in the Mumbai, Thane and Bengaluru. 

In the MMR, specifically Thane, PML is contemplating the development of a third mall alongside potential accommodation facilities. With the acquisition of 11 acres of land in Thane’s Majiwada area in November 2023, the company has signaled its strategic intent for expansion. The proposed project is envisioned as a mixed-use development, potentially integrating retail, hospitality, and residential elements. While plans are still in the refinement stage, the company anticipates making concrete announcements in the next few months.

Simultaneously, in Bengaluru, PML is gearing up to expand its existing Phoenix MarketCity Mall. By acquiring an additional 6.6 acres of land adjacent to the mall in Whitefield, the company aims to enhance the overall retail and entertainment offerings. The expansion project is expected to create a more comprehensive destination with increased retail space, entertainment options, and dining experiences. PML is exploring strategies to seamlessly integrate the new land parcel with the existing mall to maximize the development’s potential.

Despite its ambitious expansion plans, PML remains discerning about its ventures, particularly in the residential segment. While focusing on retail, hospitality, and commercial projects, the company is not actively pursuing residential developments at present.

Financially, PML has reported robust performance, with a notable 34% increase in net profit for the fourth quarter of fiscal 2024. This growth underscores the company’s trajectory and its commitment to delivering value to stakeholders.

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