Wednesday, December 19, 2007

WOW - Noida Appu Ghar, Unitech tie-up for amusement complex in Noida

The Hindu Business Line : Appu Ghar, Unitech tie-up for amusement complex in Noida

Noida , March 21

THE promoters of Delhi's Appu Ghar have teamed up with real estate firm, Unitech Ltd, to build a new amusement complex in Noida.

The amusement park, billed to be the largest facility of its kind in the country, will cost Rs 1,000 crore and its first phase will be thrown open to the public next year.

"The World of Wonders (WOW) will have a large water park, two malls, theme parks to cater to different age groups and a five-star hotel in the 150-acre complex," according to Mr Sanjiv Tyagi, Managing Director of International Recreation Parks Private Ltd (IRPPL).

IRPPL is a 50:50 joint venture between Unitech and International Amusement Ltd, the parent company of Appu Ghar.

Construction is in full swing and one of the malls, along with the water park and a Bollywood theme park will be ready by next year. The hotel and fantasy land will be completed by 2008, Mr Tyagi said.

Mr Rakesh Babbar, the co-Managing Director of IRPPL who represents International Amusement Ltd said: "We were the first to get family entertainment parks in the country. This will be the biggest such facility in the country and we are introducing some rides for the first time in India."

The amusement park expects to attract close to 20,000 visitors on weekdays and over 30,000 on weekends, Mr Babbar said, adding that the average footfall at Appu Ghar is between 5,000 and 6,000.

IRPPL claims to have got the best designers and architects for the complex. Canada-based Forrec Ltd has prepared the design while Callison Architecture, which has been rated as the world's best retail architect firm, is also involved with the project, he said.

The two promoters will pool in Rs 30 crore each as equity and have tied up finance to the extent of Rs 90 crore. The rest of the money would come from sale and lease of the property.

The company has already tied up the anchor clients that include Lifestyle, Shoppers' Stop, Pantaloon and Arcus. Rave Cinemas will operate the six-screen multiplex in the mall.

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