Retail

LuLu seals 62,035 sq ft Greater Noida lease for 15 years

Total base rent near ₹51 crore locks hypermarket space as the UAE retailer targets 25 Delhi-NCR outlets by 2030.

Ananya Rao, Editor·25 October 2026·4 min read

Empty lower-ground retail floor with fluorescent lights and bare concrete pillars in a mall shell

LuLu International Shopping Malls leased 62,035 sq ft of carpet area at I-Thums Galleria in Greater Noida for 15 years, with initial monthly rent of about ₹26.4 lakh and aggregate base rent near ₹51-56.9 crore. The deal, registered recently and reported 23-24 October 2026, covers 56,035 sq ft retail plus back-of-house. Premises handover was set for March 2026 with fit-out period.

LuLu locked the lower-ground floor space from Adihm Developers at ₹45 per sq ft retail and ₹20 back-of-house, escalating 9% every three years. Security deposit stands at ₹1.585 crore. The hypermarket spans roughly 1 lakh sq ft super built-up and opened as part of the NCR push.

Shop-floor impact hits mall operators first: the lease adds guaranteed footfall to a property seeing 8,000 daily visitors, while CAM charges of ₹12 lakh monthly flow to maintenance. Kirana clusters nearby face denser organised competition on staples and fresh.

LuLu locked 62,035 sq ft at ₹45 per sq ft with 9% escalations every three years.

This squeezes smaller hyper formats and helps landlords in NCR with long lock-ins; the lessor stays locked 15 years while LuLu has three. It aids Reliance and DMart rivals by raising the organised grocery bar in Uttar Pradesh catchments.

Watch the Gurugram 30,000 sq ft store due by end-FY and the full ₹2,500 crore plan for 25 outlets by 2030. Next festive window will test conversion from the new Greater Noida unit.

Filed under Retail·Ananya Rao

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