Big Apple Real Estate Pvt Ltd, country’s leading retail-led real estate developer, has announced five of its upcoming malls including Phoenix United, which will be operational by September 2009 in Lucknow, Uttar Pradesh.
The company, a joint venture between Lucknow’s UPAL Group and Mumbai-based Phoenix Mills Ltd, will develop around 4.5 million square feet of retail space in the four cities of Uttar Pradesh that include Lucknow, Agra, Bareilly and Varanasi with an investment of over Rs 10 billion in the next three years.
Announcing the launch, Priyank Tayal, director, Big Apple Real Estate Pvt Ltd, said, “The company will develop retail-led projects in cities across UP. Each project is based on a format that will generate better business for brands and retailers. As a conscious decision, Phoenix United malls will only lease out retail spaces, thereby retaining the onus of mall management and operations on itself.”
“Phoenix United mall will have the city’s largest entertainment and recreation centre, including Lucknow’s first six-screen multiplex and a glittering night club. The local brands will also be a part of the shopping mall that will add the desired local flavour to the overall shopping experience. The world-class centre will give customers ample choices in movies, and also provide unmatched value-for-money,” added Tayal.
While Lucknow mall will commence the operations by the third quarter of 2009, the rest of projects are under various stages of development, said a company press release.
— IndiaRetailing Bureau