The company will develop 5 million square feet on the acquired land with an investment of Rs 2,000 crore.
“We already have a few projects in Lucknow, and this will further strengthen our presence. The city is one of the fastest growing Tier 2 markets and there are more opportunities for residential and commercial development,” Miglani said.
Migsun Group has completed more than 40 projects totaling around 20 million square feet in various parts of Delhi-NCR during its three decades of operation. According to a report by CBRE, Lucknow is an important center of governance, administration, education, commerce, culture and tourism, and the main retail micro-markets in Lucknow are Gomti Nagar, Hazratganj, Ashiyana and Alambagh .
“Many big retail projects have started in Lucknow recently and people have also started investing in residential property. Shaheed Path is a fast growing micro market and our current land acquisition is on Sultanpur Road,” Miglani said.
In July 2022, Lulu Group opened its first mall in North India in Lucknow.
Migsun Group had also acquired property developer Ansal’s stake in Ansal IT City Park (SEZ) Tech Zone and then bought HDFC’s 37% stake for around Rs 50 crore, taking full control of SEZ.
The company now plans to develop the 37.5-acre mixed-use project with custom-designed commercial, IT and industrial units.
Migsun intends to buy and redevelop five to seven stalled projects in Greater Noida with a budget of Rs 4,500 crore.
There has been a remarkable increase in both the absorption and supply of quality residential properties in different price brackets in Tier 2 cities.
“As employees continue to work from home, Tier 2 cities have become prime destinations for investment. Lucknow has become the second largest market for us after NCR and we will continue to invest there,” Miglani said.