AT a GLANCE Listed on Bombay Stock Exchange Limited (Code: 503100) and National Stock Exchange of India Limited (Code: PHOENIXLTD)

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AT a GLANCE Listed on Bombay Stock Exchange Limited (Code: 503100) and National Stock Exchange of India Limited (Code: PHOENIXLTD) BACK COVER Spine to Adujsted by the Printer COVER Spine to Adujsted by the Printer GATE FOLD India’s Premier Retail-Led Assets Company > Retail > Commercial > Hospitality > Entertainment > Residential AT A GLANCE Listed on Bombay Stock Exchange Limited (Code: 503100) and National Stock Exchange of India Limited (Code: PHOENIXLTD) 500+ Employees Presence in 15 Cities* Over 100 Acres in Total Land Assets Over ` 50 billion in building assets OPERATIONAL 10 Malls in 8 cities* 2 Commercial Centres in 2 Cities Over 5.0 million sq. ft. in Retail, Entertainment, Commercial, Parking & Residential Assets PLANNED (next 3 years) ALL ROADS 6 Shopping Malls in development* 2 Commercial Centres in development Developed by dickenson www.dickensonworld.com dickenson by Developed LEAD TO A 4 Residential Projects under development 2 Hospitality Properties in development ALL ROADS PHOENIX MARKETCITY LEAD TO A 5.8 million sq. ft. in Retail Assets* PHOENIX MARKETCITY ANNUAL REPORT 2010-112011-12 1.5 million sq. ft. in Commercial Assets ANNUAL REPORT 2011-12 12.6 million sq. ft. in Residential Assets* * includes PML Group (PML & its subsidiaries and associate companies) and its investee companies (BARE & EWDL) Disclaimer: chargeable areas are based on existing real estate regulations, approvals Certain sections in this Annual Report refl ect the management’s current views, existing, approvals expected, allowances and current development plans. expectations and knowledge of its business. Certain information provided and Changes in real estate regulations and market conditions in future may result statements made herein are based on assumptions and/or may be forward in variances from the fi nancial projections and/or the estimated project areas, looking in nature, involving risks and uncertainties like regulatory changes, local, which are beyond the control of the Company. Shree Laxmi Woollen Mills Estate, political or economic developments, whether present or future. Actual results, 2nd Floor, R.R Hosiery Bldg., performance or events may differ materially from the information/statements Information provided herein, including projected fi nancial information if any is Off Dr. E. Moses Road, herein contained due to changes in economic environment, market conditions, not to be construed as a solicitation to invest in our company but is provided for norms, regulations, allowances etc. information purposes only. The Company will not in any way be responsible for Mahalaxmi, Mumbai - 400 011 any action taken based on the information and/or forward looking statements The fi nancial projections, expected launch dates of projects, estimated areas etc. contained herein and undertakes no obligation to publicly update forward- contained herein are estimates, based on current market conditions, regulations, looking statements if any to refl ect subsequent events or circumstances. www.thephoenixmills.com norms and business plans of the Company. References to developable or Spine to Adujsted by the Printer Spine to Adujsted by the Printer GATE FOLD Spine to Adujsted by the Printer COVER INSIDE Spine to Adujsted by the Printer INSIDE BACK COVER “Phoenix Marketcity” is born out of a bold vision to offer India’s urban consumers a place where they can fi nd the best brands, entertainment, convenience and an overall exciting experience. Designed as ‘a city within a city’, Phoenix Marketcities are architecturally path-breaking and iconic destination assets in the heart of Tier-I cities, fast becoming ‘must visit’ spots on all tourist sightseeing maps. Typically the largest mall in town with a footprint well above 2½ million sq. ft. of area and positioned in a prime location within the city, each of Phoenix Marketcities are designed and built on an unprecedented scale and quality. By including a large and extensive mall with hypermarkets, high-end offi ce spaces, hospitality and entertainment avenues, Phoenix Marketcities are integrated mixed-use developments that are truly ‘one-stop-shops’ for consumers, travellers and businesses alike. OUR VISION To create shareholder value by generating exceptional yields from the capital growth and sale of architecturally superior, diffi cult to replicate assets, that are truly world class in quality and infrastructure. To create a superior business environment for our many local and international retailers and partners, by growing a loyal customer fl ow to our assets by consistently delighting and engaging the Indian consumer. Spine to Adujsted by the Printer Spine to Adujsted by the Printer ALL ROADS LEAD TO A PHOENIX MARKETCITY Welcome to FY2012 – a year in which we are proud to have introduced the next generation retail hubs of India – “The Phoenix Marketcities”, in the cities of Pune, Bengaluru and Mumbai. The fourth Phoenix Marketcity at Chennai is also expected to become imminently operational in Q2FY2013. In the span of one year, PML has concurrently introduced more than 3.25 million sq. ft. and 600 new operational stores of additional shopping joy across these three cities. This achievement is indeed unprecedented and is testimony to our insight and determination for becoming the largest retail-led mixed used property developer in India. These centres have already become retail landmarks of their respective cities, offering an increasingly wealthier urban India the most enjoyable shopping experience and access to a great variety of the best brands that the world has to offer. Going forward, we look forward to rampant footfalls and consumption numbers at Phoenix Marketcities, leading to strong income streams, profitability and growth for the Company. CTEORPORA INFORMATION BOARD OF DIRECTORS AUDITORS M/s A. M. Ghelani & Company 1. Mr. Ashokkumar Ruia Chartered Accountants Chairman & Managing Director M/s Chaturvedi & Shah 2. Mr. Atul Ruia Chartered Accountants Jt. Managing Director 3. Mr. Kiran Gandhi Whole - Time Director BANKERS 4. Mr. Shishir Shrivastava Group CEO & Standard Chartered Bank Jt. Managing Director Bank of Baroda 5. Mr. Pradumna Kanodia Bank of India Director - Finance Canara Bank 6. Mr. Amitkumar Dabriwala HDFC Bank Director Barclays Bank 7. Mr. Amit Dalal IndusInd Bank Director 8. Mr. Sivaramakrishnan Iyer Director COMPANY SECRETARY 9. Mr. Suhail Nathani Ms. Shinanji Mamtani Director REGISTERED OFFICE 462, Senapati Bapat Marg, REGISTRAR AND SHARE Lower Parel, Mumbai - 400013. TRANSFER AGENT Tel : 022 - 24964307 Link Intime India Private Limited, Fax: 022 - 24938388 C-13, Pannalal Silk Mills Compound, Website : www.thephoenixmills.com L.B.S. Marg, Bhandup (West), Email: [email protected] Mumbai - 400 078. Tel. No.: 022-25963838 Fax No.: 022-25946969 CORPORATE OFFICE Shree Laxmi Woollen Mills Estate, R. R. Hosiery Bldg,. Off. Dr. E. Moses Rd., Mahalaxmi, Mumbai - 400011. Tel : 022 - 30016730 Fax: 022 - 30016818 TABLE OF CONTENTS SuppLY AND Absorption OF RESIDENTIAL UNITS 100,000 24.4% 25.0% 90,000 21.3% 21.4% 22.5% ock) 20.7% t 19.7% S 80,000 19.1% 20.0% 18.9% ailable nits 70,000 17.6% 17.5% v U A 14.9% te tial 60,000 15.2% 15.7% 15.0% a 14.3% R 13.3% 12.6% 50,000 12.5% esiden ption R 11.5% 40,000 9.3% 10.0% 9.6% bsor A 30,000 umb 7.5% N er of ption as Percentage of ption as Percentage 20,000 5.0% bsor A 10,000 2.5% et N ( 0 0.0% 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 New Launches New Absorption Absorption Rate Pg 06 Source: Real Estate Intelligence Service (JLL), 1Q12 Pg 12 Pg 08 Atul Ruia K ey Financial Indicators S hishir Shrivastava A message from the Joint Managing Director An Interview with Group CEO & Joint Managing Director 1 7 8 CORPORATE MANAGEMENT DIRECTORS’ INFORMATION DISCUSSION AND REPORT Pg 2 ANALYSIS Pg 78 The Indian Economy ........................................32 THE REALTY INDUSTRY .............................33 The Retail Sector ................................................33 The Hospitality Sector .....................................34 9 The Residential Development ...................35 REPORT ON 2 Chennai Residential: ...................................35 CORPORATE MESSAGES Bengaluru Residential: ..............................35 The Commercial Sector .................................36 GOVERNANCE Joint Managing Director’s Letter .............06 Mumbai Commercial ................................37 Pg 82 An Interview with Group CEO & Pune Commercial ........................................37 Joint Managing Director ..............................08 OPERATIONS REVIEW .................................38 Phoenix Marketcity has Arrived! ...............38 10 Consumer’s Thumbs Up! ...............................40 Great Brands and Stores ................................42 FINANCIALS Gossip .......................................................................44 Standalone Accounts ....................................97 Foodhall @ The Palladium ............................46 3 JFM Corporation.................................................50 Consolidated Accounts ............................129 KEY FINANCIAL Marketing, Promotion and Events ...........54 Notice ..................................................................160 INDICATORS High Street Phoenix and Palladium (HSP&P) .............................................55 Pg 12 Phoenix Marketcity – Pune ..........................56 Phoenix Marketcity – Bengaluru ..............57 Phoenix Marketcity – Kurla, Mumbai .....58 PROJECTS PIPELINE .....................................60 Introduction ..........................................................60 Projects:
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