Dubai: Infrastructure work on the $400 million (Dh1.46 billion) India Entertainment City (IEC) project in Navi Mumbai has started, a statement by developers Abu Dhabi Investment House (ADIH) said on Thursday.
"India Entertainment City is one of a series of ‘Entertainment Cities' concept created by ADIH, first of which is currently being developed in Doha, Qatar. The concept is an embodiment of a mixed-use development, encompassing residential, commercial/ retail and entertainment components," the statement said.
The entertainment component will include film and multi-media studios, movie theatres, convention halls and other cultural elements. The residential area will consist of medium to high living areas including branded villas and neighbourhoods.
India was selected as an "Entertainment City" destination due to a few contributing factors such as the resilience of the Indian economy and the expected growth of demand for real estate — from both investors and end users.
Additionally, an airport in Navi Mumbai will soon be established to facilitate further transportation to the area, as well as a bridge that will connect the southern and northern part of the province.
As one of the main industries for which India is renown, the entertainment sector presents boundless opportunities for rewarding investments. With a captive audience, IEC will provide a home for actors and supporting industry professionals, along with world class leisure facilities and entertainment activities for all audiences.
IEC Operations Management Company PVT Limited, the management company for IEC, said, tender review for the initial enabling works and site facilities has been completed and that a contractor was selected.
The enabling package includes site offices, boundary fences and other areas that will help contractors perform infrastructure related work.
IEC Operations Management Company PVT Limited is a subsidiary of India Entertainment City, a fund managed by Abu Dhabi Investment House.
In addition to the enabling works package, the infrastructure work of the 400 acres development was divided into a series of additional packages which have not all been awarded to contractors yet.
These packages include: civil works, roads and hydraulics system; electrical, telecommunication and data services; central gas network and district cooling; in addition to a landscaping and pavements.
Navi Mumbai, which is located on the outskirts of Mumbai, will ensure that IEC becomes the heart of the entertainment industry. The sites are strategically located at the confluence of several arterial roads and in close proximity to several large infrastructure projects.
