Netherlands’ Plaza Centers to invest Rs 5,000 cr in India

Netherlands’ Plaza Centers to invest Rs 5,000 cr in India
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First Published: Mon, Sep 03 2007. 03 20 PM IST
Updated: Mon, Sep 03 2007. 03 20 PM IST
PTI
Mumbai: Netherlands-based Plaza Centers, said on 3 September it would invest Rs5,000 crore in the country over the next five-seven years to create 50 entertainment and commercial centres.
Plaza would create such centres across India covering Tier I, II and III cities.
“We see a huge opportunity in India and have long-term plans. We intend to launch several path-breaking innovations in India,” Abraham Goren, executive vice-chairman, Elbit Imaging Group, owners of Plaza Centres, said here.
Plaza Centres is listed on the London Stock Exchange (LSE). It has created 42 entertainment and commercial centres across nine countries in Europe.
Private theatres can cost anywhere between Rs5 lakh to more than Rs50 lakh, depending on the size of the room and the audio and video products used.
“We wanted the comfort of the theatre in our house. Nothing beats like the fun of having your entire family along with your close friends in your own theatre watching everybody’s favorite movie,” says Kalpita Chafekar from Pune whose real estate developer husband has converted one room on the first floor of his house into a theatre.
“Industrialists or CEOs of big companies now do not like to watch a movie in a multiplex because of various reasons and also the distance. They want the same theatre experience in their home and this is what is driving this new market for customised theatres,” says Abhimanyu Kavadia, manager-sales, North India, Bang and Olufsen, which manufacturs a complete line of audio and video products. They are also into the business of setting up of such theatres.
Firms specialising in setting up such home theatres are also coming up with newer innovations with the rising demands of customers.
“Customers would go to any lengths to ensure that their Home Theatre is not only better than their next door’s but also that it contains more and more luxuries that are invented from day to day.
“Apart from the fact that the Home Theatre patrons spend much to enjoy state-of-the-art sight and sound technology, the latest innovation among the few rich movie-buffs is their small personal ‘deluxe´ theatre, with motorised recliners and massager seats and a popcorn machine not to forget the well illustrated Bar. All this adds to enhancing their lifestyles,” adds Kumar.
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First Published: Mon, Sep 03 2007. 03 20 PM IST