By Andy Sambidge
Abu Dhabi Investment House says project will include film studios, cinemas, branded villas.
Abu Dhabi Investment House (ADIH) has announced that work is underway on its $400 million India Entertainment City project in Navi Mumbai.
Enabling works have begun on the 1.62km scheme with phase two of the infrastructure work, comprising 75 percent of the total area, due to start in February, the company said in a statement.
India Entertainment City is one of a series of Shari'a-compliant funds created by ADIH, the first of which is currently being developed in Qatar.
The mixed-use development concept includes residential, commercial, retail and entertainment components.
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, ADIH added.
India was selected for the project because of the resilience of the Indian economy, the government's support to economic development and the expected growth in demand for real estate, the company said.
The rapidly developing commercial and industrial hub of Navi Mumbai, which is located on the outskirts of Mumbai, "will ensure that the project becomes the heart of the entertainment industry", ADIH added.
A formal ground breaking ceremony of the economic development zone of which India Entertainment City is a component will take place in February.