PVR plans to invest Rs 324 crore in a forthcoming eight-screen property and has begun capital expenditures for new screens
- ByStartupStory | February 5, 2022
PVR has secured a deal with real estate investor M3M India for something like an impending eight-screen facility at Gurugram’s 65th Avenue, a newly completed one-million-square-foot retail complex.
While M3M India has additional ambitions, and PVR looks forward to collaborating with them, he noted that there is no clear plan for more property launches in collaboration with the real estate developer. PVR is beginning to invest in additional screen expansions in anticipation of the incoming property.
LUXE Cinemas will be part of the eight-screen facility in Gurugram. LUXE Cinemas will be part of the eight-screen facility in Gurugram. This movie theatre operator in the premium screening category offers eight screens of Director’s Cut, 39 screenings of LUXE, four screens of Sapphire, nine seats of IMAX, 19 screens of 4DX, nine screens of P[XL], 13 screens of Playhouse and one seat of PVR Onyx across India.
According to Elara Capital senior vice president Karan Taurani, fresh content would have a favourable influence on attendance and occupancy. He anticipates box office revenue to hit 40-50 per cent of pre-COVID levels till March 2022, and then to return to pre-pandemic levels in the April-June quarter of this year.
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