The builder said it will develop about 800,000 sq ft of a mix of retail and serviced apartments on the land parcel.
“This is our second commercial project in Lucknow,” said Yash Miglani, managing director of Migsun Group. “Our first project, Migsun Janpath, is also successful, and the prices have appreciated almost two-fold. We hope to repeat this performance again with Migsun Central.”
The project has received approval of the Real Estate Regulatory Authority (RERA).
Migsun Central is located at Shaheed Path in Lucknow, next to Medanta Hospital. It is spread over approximately 20,239 square metres.
The company will fund the construction through internal accrual as well as customer advances. The group is also executing a retail project in Delhi’s Rohini, where Avenue Supermarts, the operator of retail chain D-Mart, recently bought 47,000 sq ft for ₹108 crore, as part of its store expansion strategy.
