Vatika ties up with PVR to open 26 screens in three townships

Realty firm Vatika Group today said it has tied up with multiplex operator PVR group to open and operate 26 screens in three townships at Gurgaon, Jaipur and Ambala with an estimated investment of about Rs 300 crore.
In a statement, Vatika Group announced "its tie-up with PVR to open and operate 26 multiplex screens in three of Vatika Group's townships".
"The multiplexes will attract an investment of more than Rs 300 crore jointly invested by Vatika and PVR," Vatika said.
The multiplexes will have a seating capacity for 5,000 people in the three townships.
All the three properties are expected to be operational by the fourth quarter of 2018-19.

"Once operational it will be the first PVR in the city of Jaipur and Ambala and will be the largest multiplex in Gurgaon with 14 screens," Vatika said.

Vatika Group Head Sales & CRM Vikas Sahdev said the multiplexes would make the townships attractive from an entertainment standpoint.
PVR Ltd Chief Development Officer Ashwani Handa said: "We are excited about our partnership with Vatika Group for such a vast geographical project, spread across three cities- Jaipur, Ambala and Gurgaon. The locations in all these cities are very promising in terms of developing infrastructure and being a hub of the real estate sector."

Last July, the multiplex operator had announced investment of Rs 250 crore to add 100 new screens in this ongoing fiscal. It is targeting to touch 1,000 screens by 2017-18 through organic growth.
PVR group currently operates a cinema circuit comprising of 462 screens in 104 properties in 44 cities pan India.
Gurgaon-based Vatika group is developing various projects and has presence in all the verticals like residential, commercial, townships, hotels, education, business centres and facilities management.