AP Govt. Greenlights Major Lulu Mall Project in Visakhapatnam

The Andhra Pradesh government has instructed the Visakhapatnam Metropolitan Region Development Authority (VMRDA) to transfer 13.43 acres of Harbour Park Lands back to the Andhra Pradesh Industrial Infrastructure Corporation (APIIC), enabling Lulu Group International to proceed with its planned shopping mall project in Visakhapatnam.

Lulu Group's proposal includes the development of a world-class shopping mall featuring a Lulu Hypermarket, a mix of national and international retail brands, an eight-screen IMAX multiplex, an amusement park (Funtura), a fine-dining food court, and extensive parking facilities. As part of the proposal, Lulu Group has requested a 99-year lease, a three-year rent-free period (or until the mall’s launch), and a 10% rental increment every decade, along with government-backed incentives.

The State Investment Promotion Committee (SIPC) reviewed the proposal and forwarded it to the State Investment Promotion Board (SIPB), which approved APIIC’s assessment and authorized it to finalize the project with the necessary approvals. This initiative is set to strengthen Visakhapatnam’s retail sector and elevate its commercial appeal.

News by Rahul Yelligetti.