Lucknow: The Yogi Adityanath government has sold off former Chief Minister and Samajwadi Party Chief Akhilesh Yadav’s dream project Shaan-e-Avadh for Rs 428.17 crore to a Maharashtra-based real estate giant.
The former Chief Minister Akhilesh Yadav had envisaged this dream project on the theme of famous Shaam-e-Avadh of City of Nawabs to give a world-class shopping experience with a cultural heritage of the city.
The two-phase project was designed by the RKA India and construction began in 2016 sprawling 56 acres with built-up area of 6 million sq-feet and an estimated cost of Rs 491 crores on Shaheed Path on Sultanpur Road. About 40 work on the first phase of the project comprising multi-function block having cultural centre and Central Plaza spread over 1.4 million sq feet was completed.
A 10-lane retails street, Convention Centre, Offices, 7-star Hotels, Services Apartments, Residential apartments and multi-level parking for 1500 cars was to be developed in the second phase.
A three-screen multiplex, gym, food courts, gaming zone for kids, restaurants, spa were also proposed to be constructed in the Shaan-e-Avadh, dubbed as Akhilesh Yadav’s dream project to bring premier international brands to the state capital and showcase local products.
Even street vendors were planned to be given adequate spaces in the 10-lane streets to sell Lucknow’s famous Chikan and Zardozi clothes, handicrafts, glasswork etc to replicate Old City market in Mall culture. The project was slated to be completed by May 2018.
But when the Yogi Adityanath government came to power, the Lucknow Development Authority (LDA) stopped the work citing fund problems. Since then talks w on to sell off the project to private players. The project was also showcased during the investors’ summit. Recently biddings were invited and it was sold to a Maharashtra-based real estate developer for Rs 428.17 crore.
Confirming the deal, a senior LDA official told DNA that work which was stopped earlier due to the paucity of funds will be soon started by the company which has taken over the project.
The LDA official confided that talks were also on for leasing out the Jai Prakash Narain International Centre (JPNIC). The LDA has roped in a UK-based real estate firm Knight Frank for long-term lease of another Akhilesh Yadav dream project for operations and maintenance. The project is almost completed with an estimated cost of Rs 800 crore.
Interestingly, the JPNIC was leased by Akhilesh Yadav to one of his friend’s Lucknow-based company for a paltry sum for operations and maintenance. But the Yogi Adityanath government had scrapped the deal.
A Singapore-based company had shown a keen interest in the JPNIC and had visited Lucknow last month to hold talks. A multi-national company from Mumbai and a real estate giant from Dubai have also evinced interest in taking over the JPNIC.
“Talks are on with two companies but we are waiting for the proposals from few more companies before taking a final decision for leasing the centre,” said the official.