Realty developer Hiranandani Group has leased nearly 21,000 sq ft commercial space at its development Hiranandani Estate in Thane to multiplex chain operator INOX for a total term of 15 years.
The new multiplex is currently under development in the under-construction Bellona tower at Hiranandani Estate. The tower is expected to be completed in October 2023, with the multiplex opening in January 2024.
The proposed multiplex is estimated to increase footfall at the Hiranandani Estate township’s high-street retail development, The Walk, by 20%, Hiranandani Group said.
As part of the long-term lease agreement, INOX will continue to operate the multiplex for 15 years.
The multiplex facility, to be built on the first level of The Walk’s Bellona tower, will include five screens and seating for around 900 individuals. This is the Hiranandani Group’s first-ever collaboration with an entertainment company.
The Hiranandani Estate township spans across over 373 acres in Thane and The Walk is an open-air high-street retail destination with a leasable area of around 1.1 lakh sq ft. With the addition of Bellona retail, the area will be close to 1.5 lakh sq. ft.
The commercial towers within Hiranandani Estate house corporate conglomerates like TCS, Bayer, and WeWork, as well as financial majors such as IDFC, ICICI, and others.