Phoenix Mills Ltd’s affiliated division, Classic Mall Development Company Private Limited (CMDCPL) has scheduled to inaugurate its retail mall- Phoenix Marketcity Chennai on January 23, 2013. Phoenix Mills Ltd holds an effective equity stake of 31 percent in CMDCPL as on date. CMDCPL is currently developing a mixed use project which includes a mall of 0.97mn sq. ft. leasable area and a residential development of 0.26 mn sq ft. The mall is currently 92 percent leased at an average monthly rental of Rs 100/sq ft. Popping up of such big mall is an added advantage which signage players can embark upon for fresh in-shop display projects. Those who will be benefitted include all sign makers/suppliers engaging in indoor displays and graphics in the retail market.
