Mumbai, Oct. 29 -- LuLu International Shopping Malls has leased 62,035 sq ft of carpet area at I-Thums Galleria in Greater Noida for 15 years, according to lease documents accessed by property data platform Propstack. The agreement carries total rent of nearly Rs. 510 mn as the UAE-based retailer expands its presence in the Delhi-NCR market.
The premises are on the mall's lower ground floor and include 56,035 sq ft of retail space and 6,000 sq ft for back-of-house operations. The initial monthly rent is approximately Rs. 2.64 mn, calculated at Rs. 45 per sq ft for the retail area and Rs. 20 per sq ft for the back-of-house space.
The premises were scheduled to be handed over by 31 March 2026. Rent will begin after a 240-day fit-out period or when the store opens, whichever comes first. LuLu has also deposited Rs. 15.85 mn as security, equivalent to six months of the initial rent.
The agreement provides for a 9 per cent rent increase every three years. LuLu will receive 10 car parking spaces and 100 two-wheeler parking spaces at no additional cost. The tenant has a three-year lock-in period, while the lessor is subject to a 15-year lock-in. Monthly common area maintenance charges will be approximately Rs. 1.21 mn.
The lease follows LuLu Group's opening of a hypermarket at I-Thums Galleria, described by the company as spanning about 100,000 sq ft. The Greater Noida outlet is part of a plan to establish 25 outlets across Delhi-NCR by 2030, supported by proposed investment of Rs. 25 bn. The expansion is expected to include large hypermarkets and smaller daily-concept stores, with formats based on population density and local demand.
LuLu is also exploring locations including Gurugram. The group operates in more than 35 countries and says its network includes over 285 retail stores and 24 shopping malls. The Greater Noida lease adds a long-term property commitment to its northern India expansion strategy.
Published by HT Digital Content Services with permission from Construction World.