VIJAYAWADA: The State government has directed the Visakhapatnam Metropolitan Region Development Authority (VMRDA) to transfer possession of 13.43 acres of Harbour Park Lands back to Andhra Pradesh Industrial Infrastructure Corporation (APIIC), paving the way for Lulu Group International to restart its proposed shopping mall project in Visakhapatnam.
The Lulu Group, in its proposal to the government, outlined plans for an international-standard shopping mall featuring a Lulu Hypermarket, multiple national and international retail brands, an 8-screen IMAX multiplex, an amusement park (Funtura), a fine-dining food court, and ample parking facilities.
The group highlighted that the project would become a major leisure and shopping destination for both residents and tourists.
To facilitate the project’s revival, Lulu Group requested a 99-year lease, a three-year rent-free period (or until the mall opens), and a 10% rental increment every 10 years, along with government support for incentives.
Following a review by the State Investment Promotion Committee (SIPC), the proposal was forwarded to the State Investment Promotion Board (SIPB). The SIPB approved the APIIC’s evaluation of the proposal and authorised it to finalise the project with the competent authority’s approval.
This development is expected to boost the retail sector in Visakhapatnam and enhance the city’s commercial landscape.