Casper was declared as the highest bidder, with a combined bid value of approximately Rs 891 crore. The payment shall be completed within the timelines stipulated by GMADA. Both plots are classified for commercial use and the company intends to develop an iconic retail-led, mixed-use development on this land parcel.

Shishir Shrivastava, managing director at The Phoenix Mills, 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. 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 center for the CMR region.

Given the strategic location, amidst a dense residential catchment and a large captive and urban population, we believe that our destination mall can cater to the untapped and growing retail demand in this city and truly become the dominant consumption centre not only for Mohali and Chandigarh but for the entire Chandigarh Metropolitan Region, including Panchkula, Zirakpur and neighbouring cities.

We remain optimistic about our future mall launches and we continue to execute our previously stated strategy of retail-led mixed-use portfolio expansion in market leading destinations in cities of India, which present the opportunity for us to create such mega consumption hubs.”

The Phoenix Mills is India's largest retail led mixed-use developer. Its operations span across most aspects of real estate development; planning, execution, marketing, management, maintenance & sales. The group has real estate assets in Mumbai, Bengaluru, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly & Ahmedabad.

The company reported 3.3% decline in consolidated net profit to Rs 232.54 crore on 11.5% increase in net sales to Rs 904.14 crore in Q1 FY25 over Q1 FY24.