Who Is The Owner Of Phoenix Mall In Chennai?
- Michael Paul
The shopping center known as “Phoenix Marketcity Chennai” is a partnership between the companies Phoenix Mills Ltd. and Crest Ventures Pvt. Ltd.
Is sasikala owner of Phoenix mall Chennai?
Jazz Cinemas, a company that is co-owned by family members of V K Sasikalaa, a close ally of Chief Minister J Jayalalithaa, has bought an 11-screen multiplex at Phoenix Market City, a mall located in Velachery. This news has caused eyebrows to be raised in the cinema industry.
Additional directors of Jazz Cinemas include Sivakumaar Koothaippar Sathiamoorthy and Karthikeyan Kaliyaperumal. Karthikeyan Kaliyaperumal is a cousin of Ilavarasi, who is Sasikalaa’s niece. The two are also directors of Midas Golden Distilleries, a significant company in the sector that produces alcoholic beverages in the state.
As a result of this transaction, both of the primary families that play a significant role in the leading Dravidian political parties now have an interest in the film business. The transaction has taken on a political hue as a result of the allegations made by the President of the DMK, M.
- Arunanidhi, on Friday.
- He claimed that the promoters of the multiplex were “arm-twisted” into selling their assets to Sasikalaa and her relatives with the help of government agencies and the police.
- According to him, the same organization is putting pressure on two other multiplexes in the city to hand up control of their businesses as well.
Karunanidhi said that the multiplex Luxe was owned by Chennai-based SPI Cinemas, which struggled for more than a year after the shopping mall was inaugurated in 2013, to get a license to screen movies. This was said to buttress Karunanidhi’s point that government agencies were being misused for the purpose of acquiring assets by Sasikalaa’s family.
- He asserted that the Chennai police and other government officials had on intentionally slowed down the process of providing licenses to movie theaters.
- Arunanidhi stated that the Chief Minister was “duty-bound to clarify” who was paying such high-priced buys by Jazz since Sasikalaa was living with Jayalalithaa.
This is because Sasikalaa was living with Jayalalithaa. PMK founder S Ramadoss was also critical of the agreement, calling it a “return to the AIADMK dictatorship that existed during 1991-1996.” According to him, the AIADMK had been removed from office in 1996 by the people of Tamil Nadu after some of its leaders were accused of engaging in corrupt behavior.
- It is an undeniable reality that the people of Tamil Nadu are waiting to send a more resounding lesson to them (AIADMK) in the upcoming elections as well,” he stated.
- This is something that cannot be disputed.” However, a spokeswoman for the AIADMK named Nanjil Sampath responded to the allegations by stating that Jayalalithaa had “nothing to do with the arrangement.” He stated that his commander “had no family” and was thus not connected to the agreement in any way.
The multiplex license application was delayed because the police claimed traffic problems in the Velachery area as the reason. However, the same is true for the shopping center as well, according to the official.
Who is the owner of Phoenix Mall Lower Parel?
On the Bombay Stock Exchange was found the company known as Phoenix Mills Limited, which is controlled by the Ruia family. Phoenix House’s commercial hub was made ready for business. The firm expanded its operations and joined the rapidly expanding real estate market in Mumbai, which is where High Street Phoenix quickly became the city’s most popular tourist attraction.
How much did it cost to build Phoenix mall Chennai?
PHOENIX MILLS is expecting its newly constructed market city complex in Pune, which is 3 million square feet in size and only opened earlier this week, to generate yearly income of more than 100 crores. This is the first market city complex that the corporation has built.
It features a shopping center as well as an entertainment hub, and it was established with an expenditure of 700 crore. By the end of March, the company intends to establish three other market city complexes similar to these in Bangalore, Mumbai’s Kurla neighborhood, and Chennai. According to Tushar Mehta, Centre Director of Phoenix Market City, the firm anticipates generating income of around Rs 7 crores from leasing and approximately Rs 2 crores every month from activities other than leasing, such as brand signage, event promotions, launch events, and parking (Pune).
Eighty-nine percent of Phoenix’s total 1.1 million square feet of rentable space has already been leased out to a variety of retailers. These tenants include Zara, Blu O, Orama, Boggi, Diesel, Reliance Trends, FCUK, Lacoste, Fehrenheit, and PVR. According to what Mehta mentioned, these contracts are for a minimum guaranteed lease or a revenue share, whichever is larger.
When we first began leasing, the pricing was between Rs 55 and Rs 70 per square foot per month; however, as of today, the rate has increased to between Rs 150 and Rs 160 per square foot per month. We have not yet leased out 120,000 square feet of space, but we intend to close transactions on this property very soon as well “he stated.
When it is finally completely leased out, it is anticipated that the mall will have anywhere between 280 and 300 stores. The shopping center is now home to 155 businesses that have been handed over to be fitted up, while 55 of the mall’s establishments have already begun operations.
- In Mumbai, the High Street Phoenix shopping center is already in operation thanks to Phoenix Mills.
- It is making preparations to launch.
- The price at which shares of Phoenix Mills were last traded on the National Stock Exchange was Rs 194.60 on Friday, a 2.4% increase from where they were last traded on Thursday.
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