From mint · Trisha Bhattacharya · · 1m 30s
LuLu leases 62,035sq ft at Greater Noida mall for 15 years
LuLu secures 15-year lease for 62,035 sq ft at Greater Noida mall with rent near ₹51 crore.
In brief
LuLu secures 15-year lease for 62,035 sq ft at Greater Noida mall with rent near ₹51 crore. LuLu International Shopping Malls leases 62,035 sq ft at I-Thums Galleria in Greater Noida for 15 years with total rent nearing ₹51 crore. Originally reported by mint.
LuLu leases 62,035 sq ft
LuLu International Shopping Malls has leased 62,035 sq ft at I-Thums Galleria in Greater Noida for 15 years.
Total rent nearing ₹51 crore
The lease includes a total rent of nearly ₹ 51 crore with initial monthly rent of ₹ 26.41 lakh.
Retail and back-of-house space
The lease covers 56,035 sq ft of retail space and 6,000 sq ft for back-of-house operations.
Rent structure
LuLu pays ₹ 45 per sq ft for retail and ₹ 20 per sq ft for back-of-house space monthly.
Lease terms
The lease has a 240-day fit-out period, security deposit of ₹ 1.585 crore, and 9% rent increase every three years.
Parking facilities
LuLu receives 10 car parking spaces and 100 two-wheeler parking spaces at no additional cost.
Long-term commitment
The lease provides a 3-year lock-in for the tenant and 15-year lock-in for the lessor.
Common area maintenance
LuLu pays ₹ 12.11 lakh monthly for common area maintenance charges.
Expansion plan
LuLu aims to open 25 outlets across Delhi-NCR by 2030 with proposed investment of ₹ 2,500 crore.
In short
LuLu International Shopping Malls leases 62,035 sq ft at I-Thums Galleria in Greater Noida for 15 years with total rent nearing ₹51 crore.
