HYDERABAD: Realty player
Aparna Constructions
and
Estates Private Limited
is foraying into the commercial retail and
entertainment segments
with an investment of Rs 284 crore in a 3.5 lakh sq mall and multiplex in Nallagandla.
The
Hyderabad-based construction player
is now looking at a larger play in the retail and entertainment space in the south market, with Telangana and Andhra Pradesh markets to begin with.
“We plan to have 50 screens in the next 3-4 years with three malls under construction and two in the planning stage. The investment for the cinemas business would be around Rs 3-4 crore per screen,” Rakesh Reddy, director, Aparna Constructions and Estates, said.
“We also have plans for 4 new malls, each featuring Aparna Cinemas as the entertainment unit across Telangana and Andhra Pradesh, by 2027,” Reddy said.
These include three malls in Telangana and one in AP over the next 3-4 years. While the ones in Telangana will come up at Shamshabad in Hyderabad, Nizamabad and Hanamkonda, the one in AP will come up at Rajahmundry, he added.
Elaborating on the decision to foray into the entertainment segment, he said the entertainment and media industry in the country is expected to touch $73.6 billion by 2027 and the number of theatre goers has increased 29% to reach 15.7 crore individuals in 2023.
