Don’t miss the latest developments in business and finance.

Global Constructions to invest Rs 2,000 cr in Punjab

Image
Puneet Pal Singh Gill New Delhi/ Ludhiana
Last Updated : Feb 26 2013 | 12:10 AM IST
New Delhi based Rs 500 crore-real estate development group Spirit Global Constructions Pvt Ltd with 20 years of expertise in residential and commercial development in Delhi and the NCR, is coming up with a huge investment of Rs 2,000 crore in Punjab by the year 2010.
 
This investment will take place in a phased manner having 60 projects in 50 odd cities which includes big cities, sub-urban areas and even rural areas of the state. All the projects will be named 'Global Malls'.
 
The cities identified for the first phase of development include Ludhiana, Patiala, Amritsar, Jalandhar, Gurdaspur, Kapurthala, Nawanshehar, Ferozepur, Zirakpur, Hoshiarpur, Ropar, Faridkot, Mukatsar, Moga, Bhatinda, Mansa, and Sangrur.
 
For creating family entertainment centres, the company has tied up exclusively with the Pyramid Saimira Theatre Ltd, India's largest theatre chain company.
 
Under this tie-up, all of the mall projects will have multi-theatre entertainment featuring multiplexes, pay-per-view parlors, interactive video conferencing, web streaming, context based advertisement, online and multi-party gaming, etc.
 
It will also have usual food court, children's play area for the II tier and III tier cities. Besides this, there will be five leisure and business hotels, five-star hotels (in Ludhiana, Jalandhar, Amritsar, Chandigarh and Patiala) and resorts.
 
Speaking to Business Standard, Anuj Malhan, director of the company said all the projects would be theme based.
 
"For our two projects coming up in Ludhiana (on Jalandhar GT Road and on Ferozepur Road), one will have theme of cities like Venice or Paris. The Rs 150 crore Ferozepur Road project will have a five star hotel and a shopping mall cum eight-screen multiplex. Construction work for all our projects will start by the year 2008 and all of them will be completed by 2010. We will raise 50 per cent of the above investment through foreign direct investment, by a UK based real estate development agency."
 
"Facilitated with all the modern amenities, these gigantic malls are expected to make their presence with world-class constructions spread over 200,000 sq ft to one million sq ft. The first five star hotel which will have a mall "the Global Pyramid" will commence construction at Ludhiana by the end of August this year along with malls at Zirakpur and Hoshiarpur," added Anuj.
 
Managing Director Pyramid Saimira Theatre Ltd P S Saminathan said their target was to spread across India with 6000 screens in over 1,700 places.
 
Saminathan said, "In Punjab, we plan to have at least 250 screens and are also planning to come up with 15-20 seater multiplexes where one can have his personal movie party. With this tie-up we would be covering entire Punjab in a single go, which is a huge asset to grow as we aim to become world's largest vertically integrated Digital Theatre Chain Company."

 
 

Also Read

First Published: Aug 16 2006 | 12:00 AM IST

Next Story