With the inauguration of the Lulu shopping mall at Edappally, Kalamasserry municipality would be the wealthiest in the state as the mall would be paying a tax of Rs 8.25 crore, said M A Yusuff Ali, managing director, Lulu Group. He was interacting with media ahead of the inauguration of the mall on Saturday. The mall would be officially inaugurated by Chief Minister Oommen Chandy at 11 am on Sunday.
Yusuff Ali said that the total investment is Rs 1,600 crore and the group would break even in 24 years.
“Though this is the group’s first mall in the country, we are planning to open more shopping malls. Lulu Mall at Edappally would set a role model for the entire country. Earlier, people came in search of traders. But the situation has changed now. Now businessmen are in search of people,” he said.
He also said that the electricity bill of the mall would be Rs 1.65 crore per month.