New Delhi: Lulu Group, which at present has five operational malls in Kochi, Thiruvananthapuram, Thrissur, Bengaluru and Lucknow, is planning to launch as many as 12 malls across India over the next three years, spread over a total of around 5 million sq ft of development, its director said on Saturday. The UAE-based group said it is planning to establish malls in Noida, Gurugram, Chennai and Bengaluru.Also Read - TS EAMCET Counselling 2022 Registration Begins for MPC Stream at tseamcet.nic.in| Check Schedule Here
Speaking to Moneycontrol, Shibu Philips, director of Lulu Group India, said the 12 malls will come up in the next three years in Calicut, Tirur, Perinthalmanna, Kottayam, Palakkad in Kerala and Noida, Varanasi, Prayagraj, Ahmedabad (in Uttar Pradesh), Hyderabad, Bengaluru and Chennai. Also Read - Noida Traffic Advisory Issued Over Mahapanchayat Organised In Support Of Shrikant Tyagi. Deets Here
“We are planning to set up 12 malls in the next three years. These would be in Calicut, Tirur, Perinthalmanna, Kottayam, Palakkad in Kerala and Noida, Varanasi, Prayagraj, Ahmedabad (in Uttar Pradesh), Hyderabad, Bengaluru and Chennai,” Shibu Philips said. Also Read - Attention Bangalore Peeps! BESCOM Cautions Consumers Of Electricity Bill Payment Scam
He further added that at the end of three years, of the six malls currently leasable, the total leasable area is 3 million sq ft.
“In the future, when we open all our 12 malls—5 in Kerala (where) we will add another 2 million sq ft leasable area (all half a million sq ft projects), 2 million sq ft in Ahmedabad and a million in Chennai, half million in Hyderabad totalling to 4.5 million sq ft and if Pragyaraj also comes along we would have added a total of around 5 million sq ft retail development in the next four years,” Philips told Moneycontrol.
Giving details, Shibu said that Uttar Pradesh is an important market for Lulu Group and added that the group is in the process of procuring land in Prayagraj and Varanasi, after which it may look at Kanpur.
“What format we consider for these markets (hypermarket or shopping malls model) will be a decision that the company board will take after considering the opportunities and potential in the market. This is still on the drawing board stage,” he said.
He also added that the group has already invested Rs 2,000 crore on the Lucknow property and is also coming up with a food processing centre in the state for which Rs 500 crore has already been earmarked.
“Another Rs 2,000 crore are planned for expansion in Uttar Pradesh with respect to hypermarkets and malls,” Philips added.
Talking about the shopping mall in Noida, the director said the retail property is still in the planning stage, and the location will be decided based on the market opportunities.
“We are currently studying the market. If it is a full-fledged mall, it should be ready within three years and if it is a hypermarket, it should happen in a year’s time,” he said.
For the shopping mall in Gurugram, Lulu Group director said they have occupied space in a mall for a hypermarket. “This is under construction. This should be operational in about a year-and-a-half,” he said.
Lulu Group Plans to Start 12 Malls in Noida, Gurugram, Chennai, Bengaluru in Next 3 Years - India.com
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