The amusement parks industry in India, mainly driven by the retail sector and the enhanced connectivity, has become a great investment option for both domestic and foreign investors. In November 2014, the UK-based Eros Investments Limited has expressed its interest in the amusement industry in the state of Andhra Pradesh currently governed by Chief Minister N Chandrababu Naidu. The company has already signed a memorandum of understanding to develop a mega entertainment city in India near Vizag.
If we compare it with that of US and UK, the amusements parks industry in India is quite new although it has already completed two decades. However, the industry has mainly bloomed during the last decade owing to the advent of globalization. Currently, the sector is witnessing fast-paced development with more number of amusement parks in India flowering across various cities.
Some of the best amusement parks in India include Wonderla (Bangalore), Adventure Island (Delhi), Essel World (Mumbai), Veegaland (Kochi), Ocean Park (Hyderabad), Nicco Park (Kolkata), Food and Fun Village (Delhi), Worlds Of Wonder (Noida) and many more located in Chennai, Kannur and other cities.
Something that has given a significant push to the development of amusement parks in India is the improved connectivity and transportation facility. Infrastructural developments across the major cities are bringing people closer to the entertainment hubs.
A prominent example is the development of the Delhi Noida Metro line that has brought the amusement parks in both the cities so much nearer. Be it the Worlds of Wonder in Noida or the Adventure Island in Delhi, reaching out to these places have become easier now leading to increased affinity among people for such places. Further, the development of Expressways have also reduced the travel time drastically and brought distant places closer.
Currently, there are nearly 120 amusement parks in India and 45 family entertainment hubs which is a quite an insufficient number for a country with a population of over 1.15 billion. However, this is a clear indication that there is huge growth potential in the amusement and theme parks sector in India. Among the various recreational facilities and amenities at the amusement parks in India, there are thrilling roller coasters, theme parks, theatres, giant wheels, fun-filled food joints and family restaurants and various other entertainment options.
The biggest demand drivers for the amusement park industry in India are the emerging middle class, increased disposable income, lifestyle and culture change and most importantly, the increased craze among people for a fun and leisure-filled lifestyle. Spending weekends at the amusement parks is becoming an increasingly popular practice among people and according to market experts, there are many more entertainment hubs to come up in the next few years and by 2020, the amusement parks in India is expected to be an industry worth Rs 10,000 crores.
So it is quite evident why investors from across the globe are increasingly getting attracted towards the industry. For more information on amusement parks in India, feel free to visit http://mergeralpha.com/.