New Delhi: Despite sluggishness real estate market across the country, Mumbai-based realty player Phoenix Mills Ltd plans major expansion across the country and aims to quadruple its office portfolio and double its retail assets presence in the next five years.
It currently has an office portfolio of 1.38 million sq ft and plans to take it to 5.28 million sq ft. Company’s retail portfolio is presently 5.96 million sq which it aims to make it 11.7 million sq ft, according to its investors presentation.
For its commercial property expansion, it is looking to have presence in Chennai and Pune apart from other cities. It already has presence in Mumbai.
For its retail property expansion, it will soon have operations in Indore and Ahmedabad. It already has its malls in Mumbai, Pune Chennai, Bengaluru, Lucknow and Bareilly. Around 4.9 million sq ft of retail development is already underway by the company. This includes Phoenix MarketCity project in Pune having an area of 1.1 million sq ft, Phoenix MarketCity project in Bengaluru having ana area of 1.2 million q ft, Phoenix MarketCity project in Indore having an area of 1 million sq ft, Phoenix MarketCity project in Lucknow having an area of 0.9 million sq ft and Palladium project in Ahmedabad having an area of 0.7 million sq ft.
For its office portfolio expansion, the company already has 0.96 million sq ft of area under development in Pune and Chennai. It has Phoenix MarketCity project in Chennai having an area of 0.42 sq ft and Fountainhead Twoer2,3 in Pine having an area of 0.55 million sq ft.
The company hopes to start operations in its upcoming Lucknow mall by early next year.
The consolidated total income of the company increased 3 percent in the second quarter of the current fiscal at Rs 415 crore as compared to the same period of the previous fiscal.
The consolidated net profit of the company went up by 6 percent in the second quarter of the current fiscal at Rs 65.7 crore as compared to the corresponding period of the previous fiscal.