Migsun Group Acquires 26 Acres Land in Lucknow for Resi & Retail Project
Realty developer Migsun Group has acquired 26 acres of land in Lucknow for Rs 220 crore to develop a residential and retail project, the company’s Managing Director Yash Miglani said. The company will develop 5 mn sq ft on the acquired land with an investment of Rs 2,000 crore. “We already have a few projects in Lucknow, and this will further strengthen our presence. The city is one of the fastest growing tier 2 markets and there is more scope for residential and retail development,” said Miglani. Migsun Group has completed more than 40 projects totaling about 20 mn sq ft in various regions of Delhi-NCR during its three decades of operations. According to a report by CBRE, Lucknow is an important centre of governance, administration, education, commerce, culture, and tourism, and the key retail micro markets in Lucknow are Gomti Nagar, Hazratganj and Ashiyana and Alambagh. “Many big retail projects have been launched recently in Lucknow and people have started investing in residential real estate as well. Shaheed Path is a fast-growing micro market and our current land acquisition is at Sultanpur road,” Miglani said. In July 2022, Lulu Group opened its first mall in North India in Lucknow. Migsun group had also acquired real estate developer Ansal's stake in Ansal IT City Park (SEZ) Tech Zone, and later bought HDFC's 37% stake for about Rs 50 crore, taking full control of the SEZ. The company now plans to develop the 37.5-acre mixed-use project with built-to-suit commercial, IT, and industrial units. Migsun intends to buy and redevelop five to seven stalled projects in Greater Noida with a budget of Rs 4,500 crore. There has been a remarkable jump in both absorptions as well as supply of quality residential properties in various price brackets in tier 2 cities. “As employees continue to work from home, tier 2 cities have emerged as preferred destination to invest. Lucknow has become the second biggest market for us after NCR and we will continue to invest there,” said Miglani.
Tags : realty developer Migsun Group acquire land Lucknow Managing Director Yash Miglani investment