Phoenix Mills to develop luxury mall

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The Mumbai-based real estate firm Phoenix Mills Ltd has planned to set up a luxury mall and is investing about Rs 100 crore for the project. Coming up in central Mumbai, the mall is a part of Rs 800 crore hotel project.

Speaking to media, Atul Ruia, managing director, Phoenix Mills, said: “The 200,000 square feet luxury mall is expected to start operations in March 2009, while hotel with around 400 rooms is expected to start operations in March 2010.”

The project is funded through a mix of debt and equity. Phoenix Mills has risen about Rs 1,300 crore through two institutional investors in last 12 months, and has acquired around Rs 400 crore as debt.

According to Ruia, once fully operational, the total rental from the mall is expected to be Rs 100 crore annually.

Phoenix Mills is currently developing seven hotels and 15 malls across the country.

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