Retail boom in UP

Lucknow, the capital of Uttar Pradesh, is a historical city with rich heritage - be it in music, food or literature. Some prominent places in the city like Bara Imambara boast of architectural splendours.

Today, Lucknow has changed a lot, fast evolving as the breeding ground for modern real estate development. The city is witnessing rising economic activities. This has resulted in changing aspiration of the residential population and real estate development. 

In Lucknow, locations like Aminabad and Chowk have given way to new centres of growth like Gomti Nagar, Mahanagar, Janakipuram and Indiranagar in the suburbs. Though Hazaratganj remains the main high street market of the city, these emerging growth pockets have led to an increase in commercial activities in the suburbs. Now, development is not only limited to the main city and the suburbs for it is also active along the highways connecting Lucknow to other destinations. These include Sitapur Road, Faizabad Road, Sultanpur Road, Raebareilli Road, Kanpur Road and Hardoi Road. Major township projects by developers like Ansal, Sahara and Omaxe have been proposed on these roads. 

Lucknow Development Authority (LDA) has taken active initiatives in an all round development of Lucknow. Land banks are being auctioned in specified locations to bring about a planned development of the city. Proper planning of the city's infrastructure and of amenities and utilities is being done to support future growth and development in the city.

 

Commercial scenario

The commercial activity in Lucknow including retail and office sector, is mainly concentrated in and around Hazratganj. Some other destinations like Kapurthala Commercial Complex in Mahanagar, have also emerged as alternate business centres. The city is gradually emerging as the centre of some major IT companies like TCS and IBM. Most of the developments in these locations are in the commercial complex format and have been developed by local developers.

An STPI (Software Technology Park of India) is developed at Gomti Nagar. Also, some quality office developments like Shalimar Corporate Park and Pinnacle Towers are coming up in Gomti Nagar.

Until some time back, retail activity in Lucknow was largely unorganised and concentrated in locations like Hazratganj, Aminabad, Kaiser Bagh and, to some extent, in Mahanagar. But over the last few years, with the East End Mall (2.5 lakh sq.ft.) of Chadha Group in Gomti Nagar and Sahara Ganj (4 lakh sq.ft.) of Sahara Infrastructure & Housing on Shah Najaf Road having become operational, organised retail has picked up in the city. Fun Republic Mall and Riverside Mall in Gomti Nagar are the latest addition to the city’s mall list and at least eight more malls are in stages of planning and development around the city. Singapore Mall, Citi Mall and Shalimar Mall are some other malls, which are opening soon. Major developers like Ansal API, Omaxe, Parsvnath and Eldeco are very much involved with the development of malls in the city. Ansal is coming up with Ansal Plaza, Omaxe with City Centre, Parsvnath with Planet Plaza and Eldeco with Xpress Plaza.

The rental value at Hazratganj office spaces come in the range of Rs 45 to 55 per sq.ft. while in the malls like Fun Republic and Sahara Ganj, it fluctuates over Rs 110 to 160 per sq.ft.

The entry of a number of national level developers and retail brands in the city points towards the positive direction. With the backing of quality manpower availability, supportive policies and increasing purchasing power, Lucknow will be another prominent retail destination of North India soon.

 

Malls in Kanpur

 Kanpur, probably the largest city in North India, is known for leather products. Currently, like all other tier II cities in India, Kanpur too is going through a retail evolution with advent of malls developed by renowned real estate developers.

Most interesting development comes in the form of Indian railways' decision to unlock its unused land, totalling 800 hectares in area across the cities. Since Kanpur falls in the first 10 sites where the railways will utilise its land under Public Private Partnership (PPP) model with the developers for commercial development, endless opportunities are in store for the real estate sector in the city.

Shopping malls in Kanpur are designed by professional architects. They are all characterised by the impressive look and glitzy environment, bringing most well-known brands under one roof.  Some of the prominent malls in Kanpur are The Rave 3, The Rave @ Moti, Mega Mall and City Fashion Mall. The upcoming mall Z Square Mall at Mall Road will be the hub of many prestigious brands like United Colors of Benetton, Westside, Ritu Kumar, Adidas, Reebok, Puma, Pepe Jeans and Wills Lifestyle.  

 

Malls in Meerut

Meerut’s economy thrives on agriculture, engineering and smelting works. The city is the largest supplier of agricultural equipments and the largest producer of musical instruments in the country. The city is also one of the major suppliers of sports goods across the world. All these factors play a positive role in making developers discover the city as the potential retail destination. The place, of late, witnessed a retail revolution with the emergence of numerous shopping malls. The city also offers abundant land at throw-away prices. Presently, PVS Mall and the CG Mall are the two prominent retail hubs in the city. But, with the entry of major developers like MSX, Era Group and Ansal API, Meerut will have soon a major makeover in its retail landscape.

 

Malls in NCR

The National Capital Regions (NCR) - Noida, Greater Noida and Ghaziabad - are part of Uttar Pradesh. These places have become the hub of commercial activities. With rising population in Delhi, NCR has become the ultimate destination for the real estate developer to construct residential complexes and shopping malls. The beauty of these NCR places is marked by planned layout, world-class infrastructure and luxurious housing complexes catering to the premium segment of customers who are mostly professionals working in various MNCs and BPOs.  Most of these offices are situated in NCR to avoid the problem of space crunch in the capital. Yet the proximity to Delhi always plays an advantageous role for these NCR cities. The ambience in these cities is truly metropolitan. The desire and aspiration of the local populace is in no way different from that of Mumbai and Bangalore. Also, it’s just one half-an-hour-drive that brings, for the residents of Delhi to these hot spots of retail destinations. Most of the shopping malls occupy several acres of lands, which a congested city like Delhi can never offer. In this respect, NCR cities always stay ahead. So, for the developers, NCR has become the only ‘refuge’. This explains well how the fast-paced development of this region has taken place or is taking place. In Noida, The Great India Place of Unitech has acquired a place in the must-visit list of the shopping-crazy people. Also, The Centrestage Mall from Chadha Group has long been the prominent retail destination. Apart from these, there are Parsvnath Plaza, Sab Mall, Shopprix Mall and Spice World Mall. Parsvnath has two other upcoming malls, Parsvnath Mall Eighteen and Parsvnath Shoppers’Den. Senior Builders are constructing two Senior Malls at Sector 18 and Sector 32. Unitech has to offer The Gardens Galleria - a conglomeration of retail and entertainment. It will also house a business hotel. DLF too is carrying out the construction of the mall Town Square at Sector 18, Noida.    

In Greater Noida, Eldeco, Omaxe, Parsvnath and MSX are the prominent developers to build numerous shopping malls. Omaxe Arcade, Omaxe NRI City Centre and Omaxe Connaught Place are the upcoming malls. MSX Developers too is constructing a shopping mall. Also under construction are Eldeco Arcadia and Ansal's Ansal Plaza. Parsvnath's Bibhab Plaza is already in operation.     

Another NCR city, Ghaziabad, too is witnessing rapid expansion of organised retail spaces. A plethora of malls are running successfully providing entertainment-cum convenience shopping of branded goods, all under one roof. Among the prominent malls are Ansal Plaza of Ansal Housing & Construction Ltd, Pacific Mall of Bansal Corporation Ltd, East End Mall of Chadha Group and Shipra Mall of Shipra Group. Omaxe Park Plaza, Mahagun Metro Mall and Parsvnath Kausambhi Mall are also three prominent upcoming malls in the area. Parsvnath Majestic Arcade at Indirapuram is already operational.

 

Emerging retail hotspot

Growing mall culture is giving a boost to the development of the modern retail format. Retail has played a key role in the real estate sector of the state. Land prices in the state have increased manifold. Present retail overhaul in Uttar Pradesh will mark the entry of an array of national and international brands to explore new retail opportunities.

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