Lucknow: Big Apple Real Estate, a joint venture (JV) between UPAL Group and Phoenix Mills, has said that it will invest Rs1,000 crores in the next three years to develop five projects in four cities in Uttar Pradesh (UP).
“The company will develop retail—led projects in cities across UP. Of the five projects, Lucknow, Bareily and Agra are under various stages of development and the Lucknow mall will commence operations by the third quarter of 2009,” company’s Director Priyank Tayal said.
When asked to comment on the nature of business, Tayal said: “Each project is based on a format that will generate better business for brands and retailers. Phoenix United malls will only lease out retail spaces, thereby retaining the onus of mall management and operations on itself.”
The Lucknow mall will come up on Kanpur Road. With 5.75 lakh square feet built—up area, the mall will have the city’s one of the largest entertainment and recreation centre, including Lucknow’s first six-screen multiplex.