The strive to get a pie in the burgeoning entertainment industry in the North is heating up as major cinema-exhibitors are grappling to acquire properties to cash in on the multiplex mania. Close on heels of leading entertainment conglomerate Adlabs Films’ recent tie up with Rave Entertainment to acquire properties in North, another major exhibitor PVR Cinemas is now targeting to launch 22-25 screens in Punjab, Haryana and Chandigarh to tap the burgeoning segment of movie-goers.
Apart from the burgeoning populace of movie goers with high disposal income, the prevailing cost of commercial properties in northern states are luring exhibitors like Adlabs, Cinemax, Inox, Fame and PVR Cinemas to North. Following Adlabs PVR Cinemas is also planning to target major cities like Jalandhar, Amritsar, Ludhiana, Patiala, Chandigarh and Gurgaon.
“The cost of commercial properties in northern states like Punjab,Chandigarh and Haryana are low compared to the metros in the country. These states offer equitable business opportunities for exhibitors as the number of movie goers is multiplying,” Ajay Bijli, CMD, PVR Limited said while launching the first multiplex of Punjab at Ludhiana. The company has ambitious plans to take the total number of screens to 500 from 89 in next three years with investment of over Rs 500 crores, the promoter of the company divulged. He said that major focus will be Punjab one of the fastest growing states in the country.
Taking a cue From Adlabs, PVR has also tied up with Amir Khan Productions for two movie projects to be released in December and Februry 2009. ” The company is giving thrust to move into the movie production business and talks are on with 4-5 productions houses for more projects,” Sanjeev Bijli, promoter of the company said. He said that PVR will launch a total of over 22 screes in Ludhiana, Jalandhar, Amritsar and seven-screen in a multiplex in Gurgaon.
Also, the multiplex developers are vying for cities that have low cost of land but high potential for business. “The unexplored areas in the North offers huge business prospects as the cost of land is low compared to metros,” Abhay Garg, owner of Flamez Plaza that launched first multiplex of Punjab said. He revealed that the company is setting up projects in other cities in Punjab, Chandigarh periphery area and Jammu.
