LuLu leases 62,035sq ft at Greater Noida mall for 15 years, with total rent nearing ₹51 crore

LuLu International Shopping Malls Private Limited has leased 62,035 sq ft of carpet area at I-Thums Galleria in Greater Noida for 15 years. They have already it to rental payments of nearly ₹51 crore, according to lease documents accessed by property data platform Propstack.

LuLu’s Greater Noida lease sets out a 15-year retail commitment

The agreement covers space on the mall’s lower ground floor as the UAE-based retailer expands across Uttar Pradesh and the wider Delhi-NCR market.

The lease includes 56,035 sq ft of retail space, and the remaining 6,000 sq ft is designated for back-of-house operations. According to the documents, the initial monthly rent is approximately ₹26.41 lakh. LuLu will pay ₹45 per sq ft for the retail area and ₹20 per sq ft for the back-of-house space.

The premises were scheduled to be handed over by 31 March, 2026. Rent is due to commence after a 240-day fit-out period or when the store opens, whichever comes first. The company has also deposited ₹1.585 crore as security, equivalent to six months of the initial rent.

The lease provides for a 9% increase in rent in every three years. LuLu will receive 10 car parking spaces and 100 two-wheeler parking spaces at no additional cost. The agreement sets a three-year lock-in period for the tenant and a 15-year lock-in period for the lessor.

Beyond the base rent, the retail will pay monthly common area maintenance charges of approximately ₹12.11 lakh to the maintenance company, the documents show.

One outlet in a wider expansion plan

The lease follows LuLu Group’s opening of a new hypermarket at I-Thums Galleria, which the company has described as spanning approximately 1 lakh sq ft.

The difference between that figure and the registered lease area reflects the distinction between super built-up area, which includes common areas, and carpet area, according to company sources cited by Hindustan Times.

The Greater Noida outlet is part of a broader plan to establish 25 outlets across Delhi-NCR by 2030, backed by proposed investment of ₹2,500 crore. The expansion is expected to combine large hypermarkets with smaller daily-concept stores, with locations and formats determined by population density and the surrounding customer base.

Jayakumar Gangadharan, LuLu Group’s director for Uttar Pradesh, Delhi-NCR and Telangana, told Hindustan Times that the company was pursuing the NCR market as a region rather than treating Greater Noida as an isolated expansion. The group is also exploring additional locations, including Gurugram.

Raja Seetharaman, co-founder of Propstack, said the deal reflected growing interest among large retailers in the National Capital Region’s suburban markets.

He said commitments of this scale indicated confidence in organised physical retail, particularly in densely populated residential corridors where consumer spending was developing.

For LuLu, the Greater Noida store provides a foothold in a market it hopes to serve through multiple formats. Its next phase of growth will depend on securing suitable locations and matching store sizes to local demand.

The company operates across more than 35 countries and says its network includes over 285 retail stores and 24 shopping malls. Its latest lease adds a long-term property commitment to its ambitions for northern India.