Following recent announcements of LuLu Group returning to Visakhapatnam to set up a mall and convention center in the city, the most recent update is that the group is to restart the international-standard Shopping Mall project on the same 13.43 lands at Harbour Park that were previously allotted to them during Telugu Desam Party’s (TDP) regime between 2014-2019. These lands and the project were later cancelled during the YSRCP regime and were shifted from APIIC to VMRDA. However, following the latest meeting of the State Investment Promotion Board (SIPB) held on 13 March 2025, it has been decided that the 13.43-acre site will be reinstated to APIIC so LuLu Group can restart their mall project.
Through a circular from the Industries and Commerce Department released on 26 March, the government also announced that they want to build an International Convention Centre in Visakhapatnam. This will include exhibition halls, meeting rooms, a star hotel, a retail mall, parking, and more. The project will be done through a partnership between the government and LuLu Group.
LuLu Group has promised to create a world-class shopping mall with a huge LuLu Hypermarket, popular national and international brands, a kids’ amusement park called Funtura, a fancy food court, an 8-screen IMAX theater, and plenty of parking in Visakhapatnam. They say it will become a top spot for shopping and fun for people in Andhra Pradesh.
To make this happen, LuLu Group asked the government for a few things:
A 99-year lease on the land.
No rent for the first 3 years or until the mall opens (whichever comes first).
A 10% rent increase every 10 years.
Extra support and incentives.
The SIPB agreed to let APIIC review LuLu Group’s requests and finalize the deal with the right approvals. The land will be transferred back to APIIC from VMRDA, and APIIC will also check any legal issues related to the land to speed up the project.
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