Phoenix Mills is developing Phoenix Market City projects at Kurla in Mumbai,
Bengaluru, Chennai and Pune.
The company is investing Rs 1,030 crore to develop a four-million sq ft
built-up property at Kurla to be launched by June 2011; Rs 700 crore in Pune for
a three-million sq ft area property to be launched in April-May 2011; Rs 575
crore for a project in Bengaluru spread over 2.7 million sq ft set for a
June-July 2011 launch; and Rs 450 crore for a 3.1 million sq ft project in
Chennai slated for launch by November 2011.
The company has set up SPVs for each of these projects to raise funds in a
2:1 debt-equity ratio while the balance will be funded through the sale of
commercial offices and lease deposits.