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NCR-based real estate developer Migsun Group has acquired a 20,239 square meter plot of land in Lucknow's Shaheed Path from Medanta to develop a mixed-use project called Migsun Lucknow Central. The project will involve an investment of INR 426 crore by the developer.
Migsun Lucknow Central will feature high street retail spaces, a food court, business suites, and studio apartments. The project has received approval from RERA. Around 500 units will be launched in the first phase, priced at approximately INR 49 lakh per unit.
This will be Migsun Group's second commercial project in Lucknow after Migsun Janpath, which has been very successful. Managing Director Yash Miglani said he hopes to repeat this performance with Migsun Central as well, citing good sales and price appreciation of around two times for their first project.
Migsun Lucknow Central will be funded through internal accruals as well as customer advances and will be executed in multiple phases over a timeline of 36 months. The first phase will be handed over to the buyers in 2027, the realty firm said.
For Migsun Lucknow Central's first phase, Migsun plans to develop 1 million square feet of retail space. It may purchase additional FAR to accommodate future demand. In the second phase, another 1 million square feet of business suites could be developed if more FAR is acquired.
In January this year, Migsun Group sold 47,000 square feet retail space in its commercial project in the national capital to Dmart for INR 108 crore. In 2023, Migsun Group had acquired 9-acre land parcels for INR 265 crore to develop a high-street retail project. The total investment cost, including the acquisition and development of the commercial project, will be INR 706 crores.
Migsun Group has executed over 40 projects in Delhi-NCR. The majority of Migsun Group's projects are located in Ghaziabad and Greater Noida. The company has expanded its base and launched retail and residential projects in Tier 2 cities like Lucknow.
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