Shares of Phoenix Mills Ltd rallied 6% on 20  September after the company announced that one of its units, Casper Realty Private Limited, had been named the lowest bidder for two notable city-centric plots in Mohali, Punjab.

The Greater Mohali Development Area Authority (GMADA) put the plots up for auction. Together, they span about 13.14 acres and are located in Sahibzada Ajit Singh Nagar (Mohali), Sector 62, YPS Chowk.

Shishir Shrivastava, managing director at The Phoenix Mills Limited, said, “We are pleased to announce that we have been declared as the highest bidders for the acquisition of two land plots in Mohali, Punjab.” 

Shrivastava added, “We intend to develop an iconic retail-led mixed-use destination on this land parcel which will include retail, cinemas, world-class F&B, commercial offices and hotels etc. and is poised to become the new city centre for the CMR region.”

Approximately Rs 891 crore was Casper Realty’s winning bid. Within the time frames set by GMADA, the payment must be made. On the two authorised commercial plots, the company said it plans to construct a famous mixed-use building driven by retail.

An excellent option for satisfying the increasing need for retail and leisure areas in the Chandigarh Metropolitan Region (CMR) is this strategically placed property parcel near YPS Chowk, which boasts superb connectivity. 

Chandigarh and its surrounding cities, Panchkula, Mohali, Zirakpur, New Chandigarh, Kharar, Pinjore, Kalka, and Barwala are included in the CMR. The CMR region has grown to be a significant area for real estate development because of its location at the intersection of Punjab, Haryana, and Delhi.

However, at 11:20 pm, the shares of Phoenix Mills shed all their early gains and were trading 1.54% lower at Rs 1,738.75 on NSE. 

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