BY DEBAJYOTI CHAKRABORTY
KOLKATA, 25 SEPTEMBER 2022
The biggest shopping mall in Eastern India, Phoenix Market City Mall will be set up at the upscale Alipore area of Kolkata jointly by Mumbai based mall developer, Mindstone Mall Developers, an wholly owned subsidiary of Phoenix Mills and Canada Pension Plan Investment Board (CPPIB).
Spread over 10 lakhs square feet of space, the construction work of the Phoenix City Mall in Diamond Harbour Road in Alipore of Kolkata has already started.
The NoC from the MoECC was received in the month of June and after that the construction work began. The developers said that the construction work will be completed in the next financial year and in the second half of 2024 the Phoenix City Mall will be opened.
The 7.38 acres land has been purchased at a cost of Rs.300 crores. The land belonged to Linde India earlier. With an investment of Rs. 560 crores, CPPIB will be 49 percent stake holders in this mega mall project.
Mr. Shishir Shrivastava, Managing Director of Phoenix Mills Limited (India’s largest retail led mixed use developer) has informed TTT that the area is very upscale and there have been offices in the surrounding areas. “ We will make ample space and greenery in this project and international architects have prepared the design of the mall. Throughout India we are setting up a number of greenfield shopping mall projects and the covid -19 pandemic period is over and mall business is bouncing back like before,”he added.
People from North Kolkata, Behala and Howarh will reach here through the Ma Flyover, the mall developers said.
Phoenix Mills is setting up five malls in the country at a cost of Rs.5600 crores . The largest mall in India is coming up at Bengaluru- The Mall of Asia. The other upcoming malls are – Phoenix Citadel in Indore, Palladium mall in Ahmedabad, Phoenix Millenium mall in Wakad, Pune and in Kolkata.
All of these malls will be fully operational between 2023 to 2025. At present the company owns nine malls in Bengaluru, Lucknow, Chennai, Mumbai, Pune and Bareilly.
In a recent pan India study upon malls, seven out of the total 24 malls in Kolkata have received A categories. While thirteen malls have received B categories and four are ghost malls and have little footfall or business.
Of the seven malls which have been categorised in the A category for the infrastructure, business and customer experiences are South City Mall, Quest Mall, City Centre 1, Acropolis Mall, Mani Square , City
Centre 2, Forum Courtyard.
Kolkata has been a late entrant in India’s mall culture and malls have started to come up here after 2002-2003.
In this biggest Durga puja celebration after a gap of two years, the business has picked up for puja marketing in all the established malls.
During the covid -19 outbreak the malls have faced a challenging situation to exist, but now have bounced back. The state government has already provided special buses for puja marketing in Kolkata.