Phoenix Mills to purchasing Rs 8 bn land

Phoenix Mills is in the final stage of acquiring three thirty acre plots in Ahmedabad, Hyderabad and Nashik for around eight billion rupees. The company plans to develop malls and entertainment zones on these lands.

It is learnt that the deal is likely to be sealed in the next few weeks.
The Mumbai-based real estate developer is developing Market City Projects, spread across 21.4 million square feet, in Mumbai, Bangalore, Chennai, Pune, Raipur, Agra and Indore.
The company is seeking to establish long-term relationships with developers in its bid to achieve a pan-India footprint in three years.

According to an estimate, the country is all set to have over 500 malls by 2010 from just three malls in 2000. Roughly 300 million sq ft of quality retail space will be accumulated by 2011.