New Launch
Phoenix Mills Sector 62 Mohali — Retail-Led Mixed-Use Development Announced
Phoenix Mills Limited, through subsidiary Casper Realty, has won a bid to acquire two prime plots totalling 13.14 acres in Mohali for Rs 891 crore. Both plots are classified for commercial use and the company intends to develop an iconic retail-led, mixed-use development on this land parcel.
| Status (as of September 2024) | Announced—highest bidder declared; payment to follow GMADA timeline |
|---|---|
| Developer | The Phoenix Mills Limited (through subsidiary Casper Realty Pvt Ltd) |
| Location | Sector 62, YPS Chowk, Sahibzada Ajit Singh Nagar, Mohali |
| Land Area | 13.14 acres (two plots) |
| Bid Value | Rs 891 crore |
| Product Type | Retail-led mixed-use (retail, cinemas, F&B, commercial offices, hotels) |
| Regulatory Approval | Land auctioned by Greater Mohali Area Development Authority (GMADA); plots designated for commercial use |
| Announcement Date | September 19–20, 2024 |
Project Overview & Status
Casper Realty Pvt Ltd, a wholly-owned subsidiary of Phoenix Mills Limited, was declared the highest bidder for two prime city-centric plots in Mohali, located in Sector 62, YPS Chowk. The plots cumulatively measure around 13.14 acres.
The combined bid value is approximately Rs 891 crore. Payment is to be completed within timelines stipulated by GMADA. As of September 2024, the project remains in the land acquisition and approval phase—no construction timeline or detailed plans have been published yet.
Proposed Product & Components
Both plots are classified for commercial use. Phoenix Mills intends to develop an iconic retail-led mixed-use destination which will include retail, cinemas, world-class F&B, commercial offices and hotels. No formal floor plans, configuration details, price bands, or possession timeline have been announced. The project is in early planning stages following land acquisition approval.
Developer Background
The Phoenix Mills is a leading retail mall developer and operator in India and pioneer of retail-led, mixed-use developments. The company has an operational retail portfolio of approximately 7.0 million square feet of retail space spread across 9 operational malls in 6 gateway cities of India.
Location & Connectivity
Sector 62, also known as Phase 8, is a locality with important administrative buildings located in Mohali, Punjab. The area is well connected with road, rail and air. The nearest airports are Chandigarh Airport and railway station at Industrial Area - Phase 9. The only bus stand of Mohali is present in this sector.
Sector 62 hosts Punjab Urban Planning and Development Authority Headquarters, Punjab School Education Board Headquarters, Fortis Healthcare, and Cosmo Hospital.
Chandigarh Metropolitan Region Demand Context
The Chandigarh Metropolitan Region (CMR) includes the union territory of Chandigarh and neighbouring cities including Panchkula, Mohali, Zirakpur, New Chandigarh, Khakar, Pinjore, Kalka, and Barwala. Strategically located at the crossroads of Punjab, Haryana, and Delhi, the CMR region has emerged as a prime destination for real estate development.
Frequently asked questions
What is the status of the Phoenix Mills Sector 62 project?
As of September 2024, Phoenix Mills' subsidiary Casper Realty has been declared the highest bidder by GMADA. The land acquisition is in progress. No construction has commenced and no formal launch date has been announced.
What is the land area and acquisition cost?
The project comprises two plots totalling 13.14 acres in Sector 62, Mohali. The winning bid value is approximately Rs 891 crore.
What components will be part of the development?
The planned mixed-use development will include retail spaces, cinemas, food and beverage outlets, commercial offices, and hotels. Detailed floor plans and unit configurations have not yet been released.
When will possession and opening timeline be available?
No possession timeline or opening date has been announced. These details typically follow after land acquisition is completed and master planning is finalised.
Is the project RERA registered?
As of September 2024, the project has not been registered with RERA Punjab. RERA registration typically follows once formal construction and sales plans are finalized.
Why is Mohali a strategic location for this project?
Sector 62 is located between Chandigarh and Mohali with excellent road, rail, and air connectivity. It is central to the CMR (Chandigarh Metropolitan Region), a growing consumption hub across Punjab, Haryana, and Chandigarh.