The UAE-based retailer Lulu Group International is going to set up a shopping mall with international standards in Visakhapatnam. The AP government has issued orders to allocate necessary lands for this mall. The government has taken a decision by delegating the authority to APIIC to examine the proposals from Lulu Group and take a decision.
Moreover, the order states that 13.43 acres of Harbor Park land should be transferred back to APIIC for Lulu Mall. This land is under the jurisdiction of VMRDA (Visakhapatnam Metro Region Development Authority).
It is known that it has been proposed to build a children’s amusement park, food court and an IMAX multiplex with 8 screens in the Lulu Mall to be set up in Visakhapatnam. Lulu has asked the AP government for some exemptions.
It has asked for the land to be allocated for the establishment of the mall on a lease basis for 99 years. It has also asked for a rent exemption for three years or until the date of opening of the shopping mall. It has also proposed a rent increase of 10 percent every 10 years.
In fact, during the previous TDP government’s tenure, an agreement was signed to establish Lulu Mall. The land of Harbor Park on Visakhapatnam Beach Road was allotted. However, in 2023, the government canceled the land for Lulu. Lulu immediately withdrew its investments.
With the coalition government coming to power, investors are looking towards AP. Many industries that were stopped during the YSRCP regime are starting up again. The government is also getting ready to establish new industries.
While negotiations are already underway with industrialists who have left the state, on the other hand, efforts are being made to attract new industries and investments. With this, the arrival of the alliance has given hope to the unemployed who have been facing various situations without employment opportunities for 5 years.
After the alliance government came to power in the state, the Lulu Group was approached and it said okay to invest in the state. In January this year, the head of the Lulu Group met with Chief Minister Chandrababu Naidu in Amaravati. To this end, land has been allocated for Lulu Mall in Visakhapatnam. Not only Visakhapatnam.They are planning to set up malls in two other places. Along with Visakhapatnam, they are also planning to open malls in Amaravati and Tirupati.