Real property development company Wave Group will soon add 35 cinema screens in between seven and eight brand new locations and will invest approximately Rs 100 crore, the company announced.
Wave Group, on September 27, opened a premium seven-screen multiplex named Wave Cinemas – at M3M Urbana Premium at Sector 67 in Gurgaon. Wave Group is now operating ten theaters and 42 screens, the company stated.
“We have identified seven to eight more properties that will add about 35 screens shortly. We are going to invest around Rs 100 crore in this expansion,” Wave Group Managing Director Rajiv Gupta stated.
Wave Cinemas, located in Gurgaon, has an overall capacity of 899 guests and is outfitted with the most modern cinematic technology that includes 4K laser projectors that have Dolby Atmos. This high-definition audio system is immersive and incredibly clear.
“Modern Indian cinema viewing is more about socializing and providing an complete experience where every element of comfort is essential. The entire experience should be perfect with top-of-the-line technology as well as food and snacks seating, atmosphere, hygiene and accessibility. Wave Cinemas Wave Cinemas understand the requirements of the changing customer and have adapted our offerings in line with their requirements,” Gupta said in an interview on September 28.
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The company was established in 1963. Wave Group has businesses spread across a variety of sectors, including residential and commercial real estate malls and multiplexes townships for residential and land development infrastructure, sugar manufacturing, drinks, energy, education, entertainment, and sports, as well as agriculture.
“With our recent fundraising efforts, our objective is to augment the IndoSpace portfolio within the next three to four years. The fund will focus on India’s largest logistics real estate markets Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune,” He said.
In this regard, IndoSpace will keep deepening its presence in the existing 11 markets (Rajpura Delhi/NCR, Ahmedabad, Mumbai, Pune, Bengaluru, Coimbatore, Chennai, Sri City, Anantapur, and Hyderabad) and aim to expand in the upper eight markets in tier I in the coming three years, the CEO said.
IndoSpace is a national system of logistics parks that spans 51 and has the delivery of 58 million square feet under development in 11 cities.