How Will The Purchase of 26 Acres of Land by Migsun Group for Residential and Retail Development Impact Lucknow Real Estate Market?

Located in the heart of Lucknow, Migsun Group has recently acquired 26 acres of land for residential and commercial development.

According to Yash Miglani, the company's managing director, Migsun Group has purchased 26 acres of land in Lucknow for Rs 220 crore in order to build a residential and retail complex. The company planned to spend Rs 2,000 crore (about $550 million) developing the land.

"Our presence in Lucknow is already sizable thanks to our numerous ongoing projects, and this will only serve to expand it. Miglani claims the city's fast expansion makes it one of the tier 2 markets with the most opportunity for new residential and commercial construction."

Across the several neighbourhoods of Delhi-National Capital Region, Migsun Group has developed over 40 projects during the course of its three decades in operation. CBRE found that Gomti Nagar, Hazratganj, Ashiyana, and Alambagh are the most important retail micromarkets in Lucknow, and that the city is a major hub for government, administration, education, commerce, culture, and tourism.

"Recently, Lucknow has seen the construction of numerous sizable shopping centres, and private investors have started to pour money into the city's residential real estate market as well. Even though we have already begun to acquire land on Sultanpur Road, we have decided to focus on the quickly developing micromarket of Shaheed Path "Miglani said. The first Lulu Group shopping centre opened in July 2022 in the city of Lucknow in northern India."

In addition to acquiring HDFC's 37% share in Ansal IT City Park (SEZ) Tech Zone for about Rs 50 crore, the Migsun group had already bought real estate developer Ansal's portion in the SEZ.

The company's current plan is to construct a 37,500 square foot mixed-use project that will include commercial, information technology (IT), and industrial spaces. Migsun plans to purchase and redevelop between 5 and 7 Greater Noida projects that have been delayed with a budget of Rs 4,500 crore. Both demand for and availability of excellent residential housing at a variety of price points have expanded considerably in tier 2 cities as Tier 2 cities have become an appealing investment location as more and more individuals want to work remotely.

We want to maintain our presence in Lucknow, which has surpassed the National Capital Region as our second biggest market "Miglani said.