Phoenix Mills (PML) opened Phoenix Marketcity mall in Chennai.

Classic Mall Developers, an SPV of PML with 50.01 percent stake has implemented the project. Of this, 19.01 per cent will be transferred to Phoenix Mills in June 2013 following the completion of a transaction with Kshitij Venture Capital Fund.

Phoenix Marketcity has come up over 16.5-acre property near Velachery. The mall has spread over 10 lakh sq ft of leasable area. The project also has residential space of about a 2.6 lakh sq ft. Over 260 international brands are to be housed in the mall, along with a 11-screen, 2,450-seat, multiplex by Sathyam Cinemas. Over 95 per cent of the mall space has been leased out at Rs 100 a sq ft a month. Other projects planned on the property are two more residential developments and one more mall nearly double the size of the present one.