Realty firm Elan group will invest about Rs 550 crore to develop a mixed-use project in Gurugram and has tied up with PVR Cinemas for superplex with up to 18 screens. Elan group had bought 7 acres of land last year for about Rs 120 crore to develop a mixed-use project comprising 1.5 million sq ft of built up area.
“We will be developing 7 lakh sq ft of retail area as well as over 500 flats and service apartments in this project. We have also tied up with PVR Cinemas for superplex,” Elan Ltd Director Ravish Kapoor told PTI. Asked about project cost, he said the company had bought land for Rs 120 crore and about Rs 400-450 crore investment will be on construction.
The investment will be funded from internal accruals, he added. On tie up with PVR, he said, “We will have PVR’s premium concept ‘superplex’, comprising up to 18 screens, in this project.”
Kapoor said the company is following all the provisions under the Real Estate (Regulation and Development) Act, 2016 and has opened an escrow account to develop this project. Elan group’s Chairman Rakesh Kapoor said the construction of the project will begin in few months and is slated to be completed by 2020.
Besides this project, Elan is currently constructing two commercial projects in Gurugram comprising total developable area of 8 lakh sq ft. The company had tied up with PVR Cinemas for about 20 screens in these two projects. PVR Cinemas currently operates a cinema circuit comprising of 579 screens on 126 properties in 50 cities across the country.