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Universal Studios Eyes India - A Strategic Entry: 
True or False?

As we have recently heard (in a non-confirmed story), it was purported that Universal Studios is in advanced talks to launch its first Indian theme park inside Bharti Real Estate’s massive new mall near Delhi’s airport. The plan earmarks about 300,000 square feet (roughly 10% of the 3-million-square-foot Aero city development) for an indoor park, slated to open around 2027. To a veteran like me in this industry, such a move feels like a home run. After all, India has been trying to persuade a major park operator to come to India for over 4 decades. India’s population and economy have matured to the point that a global player with proven IP now has a superb growth opportunity. In my view, Universal’s timing is perfect: after years of build up, India is finally ready for world-class parks.

At ITPS, we have conducted over 6 feasibility studies on the Indian theme park potential development during our history. India’s sheer demographics explain why global operators have long eyed it. The country now has well over 1.4?billion people – more than the entire population of Europe, and more than 40% are under age 25. The median age is just 28, compared with 38 in the U.S. or 39 in China. Tens of millions of Indians have joined the middle class in recent years, with rising incomes fueling demand for leisure and entertainment. In fact, real estate consultants at JLL note that India’s burgeoning “experience economy” and a huge demographic dividend are driving growth in entertainment and retail sectors. Bottom line, this is exactly the kind of youthful, aspirational market where theme park chains thrive.

Universal is no stranger to global expansion as we recently seen with their announcement of the Great Britain park in the Bedfordshire area. They already operate parks in Singapore, Japan, the U.S. and Beijing and have long been seeking new markets. India looks like the next natural target based on its maturing and its sheer market size.

Source:  Universal Destinations & Experiences

The early announcement indicates the proposed Universal Park in India would be indoors – a big advantage in India’s climate and retail landscape. Outdoor parks there suffer from scorching summers and monsoon rains, but a climate-controlled indoor park can run year-round. India’s organized indoor amusement sector is already booming with roughly 523 centers totaling about 6.6?million square feet that exist today. Industry data projects this will nearly double to 11?million square feet by 2028.

However, it is important to point out that the market is highly fragmented. Unaffiliated domestic operators still dominate, and even the leading international chains (local entertainment zones like Time Zone, Futura, etc.) account for only about 28% of the leisure space. In other words, most indoor play zones in malls today are small and mid sized. A 300,000 square-foot Universal Park would instantly become a marquee attraction, driving foot traffic to the mall and setting a new quality benchmark. Families visiting would see a level of design, theming, and safety they have not had in India before. For malls and retail developers (like Bharti) that are shifting their model towards entertainment and experiences, a brand like Universal provides exactly the anchor they need to set themselves apart from other retail developers.

I should point out that India has not lacked ambition – it has long tried to attract parks like Disney or Universal – but for decades projects faltered amid a tough business climate. The country’s complex bureaucracy and corruption have repeatedly scared off big investors. As one Reuters analysis once noted, even global retailers shunned India (by 2013 “no global supermarket chain has applied” to enter because of regulatory uncertainty). In one of our client’s studies, we pointed out Walmart’s own compliance reviews singled India out as one of the highest corruption risk markets, where “speed money” is often needed to push permits through. As we know, theme parks, with their massive capital needs and long gestation, are similarly daunting. (Past proposals – a Walt Disney resort with Reliance Industries or a Universal Ambani park – never came to fruition.)

Source:  Universal Destinations & Experiences

It is again purported that Universal’s new project is being built with a local heavyweight partner and government backing, which suggests many of the traditional hurdles have been addressed. (I must say, we have heard this story before). The fact that Bharti Real Estate is willing to dedicate 10% of its mall to a park indicates confidence that their planners see a clear policy path ahead. In short, Universal is now venturing into India at a time when it appears the regulatory gremlins are finally being tamed after years of shenanigans being put up with by other developers.

If Universal Studios makes it work there, the impact on India’s park industry and the Sub-Continent area, would be profound. It would validate the concept that India can finally support a world class branded park and encourage similar investments. The Indian Association of Amusement Parks and Industries (IAAPI) already sees the sector on the cusp of explosive growth – from roughly INR 11,500 crore in 2023 to about INR 22,000 crore by 2030 (essentially doubling). A Universal Park would likely accelerate that rise by proving big ticket entertainment pays in India. It would bring international design and safety standards, raising the bar for all competitors and boosting consumer confidence. In fact, real estate analysts at Cushman & Wakefield say that even the prospect of global brands entering the market “strengthens the outlook and underscores Delhi NCR’s readiness for large scale, immersive experiences”. By the same token, a successful Universal development would signal to other global players – from Disney to Legoland – that India’s time has come. We could well see additional theme park announcements follow, spread out to Mumbai, Bengaluru, and beyond.

In my opinion, Universal’s proposed India park is more than just another business deal – it represents a turning point. For decades, global parks were just a dream in India. If this potential announcement is valid, and Universal delivers a high-quality facility in Delhi (which we know they would), it will prove that those decades-long dreams can become reality. In the process, it will help legitimize the indoor amusement industry and create thousands of jobs (which are needed), while providing Indian families an entertainment experience they have long been waiting for. I consider this a breakthrough moment for India’s leisure sector if real, one that could open the floodgates for the next generation of attractions in the world’s fastest-growing major market, spawning numerous new leisure attractions.

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