Lucknow Municipal Corporation has now planned to develop an exclusive women-only shopping mall in the City of Nawabs.
By VIRENDRA SINGH RAWAT
LUCKNOW, Dec 1 (The CONNECT) - After joining the select league of Indian cities to list municipal bonds on the Bombay Stock Exchange, the Lucknow Municipal Corporation (LMC) has now planned to develop an exclusive women only shopping mall in the City of Nawabs.
To be built over an area of 5,000 sq ft near the iconic Charbagh Railway Station of UP capital, the ‘women only’ mini-mall will comprise nearly 125 shops to be manned by women staff, while the entry will be strictly reserved for women shoppers.
An official told BizNewsConnect that the project entails an investment of about Rs 17 crore and the proposal has already been approved by the LMC council. The detailed project report (DPR) is ready, the LMC is now awaiting allocation of funds to kickstart the commercial project, touted to be among
the first of its kind in India.
The shops will primarily deal with women products including jewellery, apparels, footwear, fashion accessories, home furnishing etc, he said.
The proposal for the women-centric commercial complex was mooted by the special executive body meeting of LMC women corporators. The meeting was presided over by Lucknow Mayor Sanyukta Bhatia on the occasion of International Women’s Day on March 8, 2021.
Last year, LMC became one of the first cities in North India to list bonds. The debt security instrument worth Rs 200 crore was oversubscribed by 250 percent on its debut at the BSE on November 13, 2020. The LMC bonds with 10-year tenure offer 8.5 percent interest.
The bond is a debt security issued by a municipality to finance capital expenditure, while the investors get payments on a predetermined rate of interest over a stipulated period. The funds raised by the LMC from the bonds will be invested in infrastructure projects, including housing, in the state capital under the flagship Smart Cities Mission.