Aparna Constructions and Estates has ventured into the retail and entertainment sectors, investing INR 284 crore in Hyderabad. The company has allocated INR 252 crore to develop Aparna Neo Mall and INR 32 crore for Aparna Cinemas. The mall, located in Nallagandla, spans 3.67 acres and is set to open on May 31, 2024. Director Rakesh Reddy announced plans for four more malls featuring Aparna Cinemas across Telangana and Andhra Pradesh by 2027. Aparna's residential and commercial portfolios are also experiencing annual growth of 20% and 10%, respectively.
Aparna Constructions and Estates, real estate developer in South India, has expanded into the retail and entertainment sectors with a significant investment of INR 284 crore in Hyderabad. The company has directed INR 252 crore towards the development of Aparna Neo Mall and an additional INR 32 crore to establish Aparna Cinemas.
Located in Nallagandla, the Aparna Neo Mall covers 3.67 acres and is scheduled to open on May 31, 2024. It will be the only mall within an 8 km radius, featuring over 80 stores that offer luxury cosmetics, high-end apparel, travel essentials, technology, gourmet dining, and premium entertainment. The mall features prominent brands like Lifestyle, Nykaa, Croma, Azorte, GAP, and Centro.
Aparna Cinemas, seating 1,200 people, will include Dolby sound systems and 4K projection screens with maximum comfort and a variety of in-movie dining options provided by its own on-site kitchen. This move marks Aparna's strategic entry into the retail-commercial and entertainment markets.
Rakesh Reddy, Director of Aparna Constructions and Estates, mentioned that since 1990, Aparna Group has consistently diversified its portfolio across various business segments. He noted that Aparna Constructions' entry into retail real estate and entertainment marks a significant step in their growth. Reddy highlighted that Aparna Neo is their first mall launch, reflecting their understanding of regional market dynamics. He pointed out that Hyderabad is emerging as the 4th fastest growing city, driven by a booming IT/GCC sector, which is attracting many new residents and fueling demand in residential, commercial, and retail real estate. The company aims to be well-positioned to meet these consumer aspirations.
The Director has also announced plans to have 50 cinema screens within the next 3-4 years, with an investment of INR 3-4 crore per screen. The company is constructing three malls and planning two more, aiming to feature Aparna Cinemas in all of them by 2027.
There will be four new malls in Telangana and Andhra Pradesh, including locations in Shamshabad, Nizamabad, and Hanamkonda in Telangana, and Rajahmundry in Andhra Pradesh.
Reddy explained that the decision to enter the entertainment sector is driven by the expected growth of India's entertainment and media industry to USD 73.6 billion by 2027, and a 29% increase in theatre attendance, reaching 15.7 crore people in 2023. Meanwhile, Aparna's flagship residential real estate and commercial portfolios continue to grow strongly, with annual increases of 20% and 10%, respectively.
With over 25 residential gated communities and 70+ IT companies nearby, Aparna Neo is strategically located to provide a blend of lifestyle, entertainment, essentials, and dining. Aparna Neo Mall is more than just a building; it embodies a vision of innovation and a commitment to offering exceptional customer experiences.
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