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Noida: Noida Authority OSD Avinash Tripathi confined that “the UAE-based Lulu Group has signed a Memorandum of Understanding (MoU) of Rs 2500 crore for opening a mall in Noida,” ahead of the Uttar Pradesh Global Investors Summit.
The company’s representatives met with the authority and asked them to find suitable land.
During the meeting, Maheshwari informed the company representatives about the existing infrastructure and upcoming development projects in the township. Details related to land allocation and payment plans were also shared, while all possible cooperation from the Authority was assured.
This will be an NRI investment, and the Rs3,000 crore shopping mall would create 6,000 direct jobs and more than treble the state’s indirect employment.
The last stages of the land acquisition negotiations for this project will see the laying of the massive shopping mall’s foundation stone early in 2023.
The shopping centre will house more than 300 domestic and foreign brands, a multi-cuisine food court with seating for 3000 people, 15 multiplex screens with Imax, India’s largest children’s entertainment complex, and numerous other attraction.
The UAE-based group has made a demand for 50,000 square metres of land in Noida and Greater Noida where they will build malls and supermarkets. They have demanded land along the Noida-Greater Noida Expressway.
Currently, the Lulu Group has 240 hypermarkets and shopping centres throughout 10 nations. In Kerala, Karnataka, and Uttar Pradesh, there are 5 malls.
