Phoenix Marketcity, a 1.2-million square foot commercial and residential development here, has opened for business, according to a press release from the Mumbai-based Phoenix Mills.

According to information on the BSE, the project has come up on a 16.5-acre property near Velachery, a prime residential locality in the southern part of Chennai.

The mall has over 10 lakh sq.ft of leasable area. The project also has residential space of about and a 2.6 lakh sq.ft.

Other projects planned on the property are two more residential developments and one more mall nearly double the size of the present one.

Over 260 international brands are to be housed in the project, 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.

The project has been developed by Classic Mall Developers, a Special Purpose Vehicle in which Phoenix Mills has a 50.01 per cent stake. 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.

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