Unitech joint venture ropes in PVR, KidZania for Noida Entertainment Project
Jan 22, 2014
Source : The Economic Times

 

MUMBAI: Developers of Entertainment City, Noida, have roped in PVR to set up the country's largest superplex with 15 screens and Mexican chain of family entertainment centres KidZania to open an indoor theme park.

Officials of International Recreation Parks ( IRPPL) — a joint venture between real estate developer Unitech and International Amusement, which is better known as Appu Ghar, developing what is dubbed as the biggest retail and leisure destination in the Delhi National Capital Region — said the two transactions together will span about 1,50,000 sq ft of area.

Both the projects are expected to open for public by summer next year. "Along with these two, we have plans for a premium mall along with a hotel as well as an aquarium spread across 1,50,000 sq ft. The idea is to be like Universal Studios," said Munish Baldev, retail head at Unitech, which owns the 147-acre land where the Entertainment City is coming up.

Some malls and theme parks are already functioning here. Baldev expects it to become a three-day, two-night destination by the time the Phase II of its development is done. It will have parking facility for 11,800 cars, he said. International property consultants CBRE handled the deals with PVR and KidZania.

Mexican entrepreneur Xavier Lopez Ancona's KidZania plans to spendRs 100 crore on its largest facility in India, KidZania India CEO Sanjeev Kumar said. This will not include fit-out costs for the 100,000-sqft customised building, which will be borne by Unitech. Kumar expects at least 2,000 visitors a day.

Ajay Bijli-run PVR plans a world class multiplex that may include large IMAXlike screens. It plans to offer technologyenabled services for the first time in cinemas anywhere in the world. "PVR has taken a built-to-suit space specifically designed to house the multiplex from the developers for a period of 18 years," Pramod Arora, group president at PVR, said. The company plans to invest Rs 30 crore into the 15-screen complex.

 

 

 

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