Lucknow, Nov 12: Big Apple Real Estate Pvt Ltd announced to invest Rs 1,000 crore over that next three years to develop big shopping malls in four major cities of Uttar Pradesh. Big Apple, a significant player in the country's retail and retail-led real estate development market, will develop about 4.5 million square feet of retail area in Lucknow, Agra, Bareilly and Varanasi.
Of the five projects in four UP cities, the company, a joint venture between Lucknow's UPAL group and Mumbai-based Phoenix Mills Ltd, will introduce its first mall in Lucknow. The mall -- Phoenix United -- in claimed to be the first of its kind in the state and is likely to commence operations by the third quarter of next year.
Mr Priyank Tiwari, the Director of Big Apple, said that the each project is based on a format that will generate better business for brands and retailers.