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Plans for Multiplex at Lower Tank Bund

It will have three screens, mall, restaurants, fast food outlets, video game parlours, pubs, bowling alleys and health spa

Published: 01st February 2014 09:00 AM  |   Last Updated: 01st December 2014 02:41 PM   |  A+A-

To promote tourism, the Youth Advancement, Tourism and Culture Department (YATC) proposes to construct a modern Multiplex Complex in about two acres land at Lower Tank Bund road, near Indira Park on Public Private Partnership (PPP) on Design, Build, Finance, Operate and Transfer (BOT) basis. The proposed piece of land for multiplex complex project forms part of a site of the department where already Snow World and a hotel are located. Special chief secretary to YATC department, Chandana Khan told Express that the modern multiplex complex costing between Rs 225 crore and Rs 250 crore would have three screens, shopping complex, mall, restaurants, cafeteria, fast food outlets, video games, parlours, pubs, bowling alleys, health spa centers, convention activities, other entertainment facilities and incidental and ancillary facilities and amenities. The Project Monitoring Unit (PMU) of YATC department has invited Request For Proposal (RFP) from the competent and reputed agencies to implement and operate the project on BOT basis under PPP mode. There are already 11 multiplexes and one Imax and good number of shopping malls in the twin cities. YATCD escort officer Y Satyanarayana said that there will be a pre-bid meeting on February 5 and the last date for submission of the bids is February 25. The developer to whom the project is allotted, have to complete the multiplex complex in all respects in a span of two years and maximum three years, he added. The selected developer would design, construct, finance, operate and maintain the project on the project site and transfer back the project site with the project at the end of the concession period. The developer has to pay YATCD the annual lease amount. Beginning from the appointed date at 5 per cent of the basic market value of the land as registered in the records of the concerned sub-registrar of the Stamps and Registration Department as on the date of issue per annum with 5 per cent annual escalation over the previous year amount throughout the concession period and as per the terms of payment in the lease agreement. Similarly, the developer should have to pay revenue share to YATCD, for the rights assigned and concessions granted for development and operation of the project from the schedule commercial operation date irrespective of whether the said date is achieved or not. However, there will be a holiday period of three years from the said date, which means the revenue share would be payable from the beginning of the third year counted from the date of scheduled commercial operations, officials added.



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