How Will The Acquisition of a 7 Acre Plus Land Parcel in Surat by The Phoenix Mills Impact The Surat Real Estate Market?

The Phoenix Mills Ltd, India's biggest retail-led mixed-use developer, has acquired a 7.22-acre land parcel in Surat, Gujarat for around Rs 510 crore, including stamp duty.

The land parcel has been acquired through Thoth Mall and Commercial Real Estate Private Ltd for Rs 510 crore, an indirect subsidiary of the company.

The subsidiary business will create a premium retail destination with approximately 1 million square feet of gross leasable space and anticipates completing the retail development by FY27.

Graceworks Realty & Leisure Pvt Ltd, a joint venture between The Phoenix Mills and GIC, holds eighty percent of Thoth Mall and Commercial Real Estate's equity shares.

Safal Construction (India) Private Limited, the flagship development arm of the Ahmedabad-based BSafal Group, has the remaining 20% ownership stake.

The Managing Director of The Phoenix Mills Ltd, Shishir Shrivastava, stated,

"Given the strategic location, the large captive population, and the expected rapid growth in Surat, we believe that our mall can serve the unmet and growing retail demand in this city and become the dominant consumption centre not only for Surat, but for the entire region."

This mall will be the company's second retail venture in Gujarat; the first, Phoenix Palladium Ahmedabad, is set to open soon, he noted.

There is little question that the arrival of a significant real estate development business like Phoenix Mills will have a favourable effect on the Surat real estate market as a whole. This development will increase the momentum of the residential, commercial, and retail real estate sectors in Surat.

More About Phoenix Mills

The Phoenix Mills Ltd, India's biggest retail-led mixed-use developer, has carved out a position for itself in the Indian real estate market, whether it be gigantic retail malls, entertainment complexes, commercial spaces, or hotel apartments. Its activities include the majority of facets of real estate development, including planning, implementation, marketing, management, and sales. The company owns property in Mumbai, Bengaluru, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly, and Ahmedabad.

One of its biggest luxury residential developments in Bangalore called Kessaku has got rave reviews from all quarters of the construction industry.