Plaza Centers (Elbit Imaging Group) has announced plans to simultaneously start 10 western-style shoppertainment projects in six cities in India with total investment of over Rs 15,000 crore.
The six cities where the projects will become operational by 2010 include Kochi, Thiruvananthapuram, Hyderabad, Pune, Bangalore and Chennai. India has a huge demand for western style retail complexes, and part of the demand would be met when Pune scheme is ready by 2010.
In addition, Plaza Centers recently signed a joint venture agreement with parent company, Elbit Imaging Ltd, to develop mixed-use projects with local Indian partners.
The joint venture's first three projects are located in Pune, Chennai, Cochin and Bangalore. These projects will have a total combined development budget of nearly $3.4 billion, and a built-up area in excess of 3.8 million sq. m.