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Chennai’s biggest mall ‘Phoenix Mills’ opens in Velachery

Comments(7) Sub Category:Chennai,Cities,Real estate trends,Realty News Posted On: Jan 24, 2013

Chennai- Mall developer, Phoenix Mills have opened their fourth “Phoenix Marketcity” Mall in Velachery, Chennai.

According to the data available with BSE, this commercial and residential development has come up with over two million sq ft of property near Guru Nanak College in Velachery.

The project covers residential area of about 2.6 lakh sq ft while the mall has over 10 lakh sq.ft of leasable area. Phenoix Marketcity is undertaken by Classic Mall Developers which is a SPV (Special purpose Vehicle) of Phenoix Mills.

Velachery is a very prominent area which acts as residential, commercial and retail destination. It is close to Airport and many IT parks like idal IT Park, Elnet Software Park etc. There are many prominent residential projects in Chennai.

The land is also planned to have two other residential projects along with one more luxury mall near the main mall exclusively for international brands. The two residential developments will cover 0.6 million square feet of saleable area while the luxury mall will have 0.2 million square feet leasable area. Such a mall will be India’s second mall after Mumbai’s High Street Phoenix in Mumbai. The entire building will have 22 storeys.

The landscape of Chennai will entirely change with this biggest mall in Chennai city. Express Avenue is built on less than one million sq ft of area. The Chennai city will have few more malls like Forum in Vadapalani, Marg Junction Mall on OMR and The Grande in Velachery in coming two years. The first phase of Chennai Marketcity will be opened to people by June 2013.

According to a leading real estate consultancy firm, Chennai city has great potential which makes it more preferable market for small developers. Thinking of public is changing and they are shopping from malls.

Phoenix Mills is a Mumbai based company which develops retail units, entertainment complexes, commercial units, hotels, parking and residential complexes. Besides Mumbai they have spread their hands in Bangalore, Chennai, Pune, Raipur, Agra and Indore also.

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