Noida, Jun 27 (PTI) Filmmaker Boney Kapoor and Bhutani Infra-backed firm Bayview Projects on Thursday signed a concession agreement with YEIDA for development of Noida International Film City, whose first phase will be completed by 2027.
The initial phase of the proposed film city will focus on establishing film-related facilities and a film institute.
Kapoor and Ashish Bhutani of Bhutani Group signed the agreement in presence of Yamuna Expressway Industrial Development Authority (YEIDA) CEO Arun Vir Singh and Additional CEO Shailendra Bhatia at the authority's office in Greater Noida.
Arun Vir Singh said the film city is likely to be completed within eight years.
"Initially, the focus is on completing film facilities and the film institute within three years...The total budget allocated for this ambitious venture is Rs 1,510 crore," Singh said.
He said Rs 50 crore is earmarked for construction in the first two years, followed by Rs 75 crore in the third year. Subsequently, Rs 100 crore is allocated for expenditures between the fourth and eighth years, he said.
Bayview Projects had won the bid on January 31 with the offering of 18 per cent revenue share to the Uttar Pradesh government - the highest among four bidders.
Boney Kapoor said: "Preparations for the film city had commenced well before the official agreement. Recently, during visits to London and LA (Los Angeles), I had the opportunity to inspect numerous studios and observe the latest technological advancements in their construction." "This international film city, under development in Uttar Pradesh, is poised to set a global standard," he added.
YEIDA, an undertaking of the UP government, manages land along the 165-km Yamuna Expressway. The film city is a public-private partnership (PPP) project.
"With the concession agreement, the land parcel for the first phase of the film city development has been handed over to the concessionaire. Now they will begin construction work at the site," Bhatia, also the project's nodal officer, told PTI.
The film city is to be built at a 1,000-acre land in Sector 21 of YEIDA along Yamuna Expressway near Noida. About 230 acre will be developed in the first phase. While 220 acre will be for commercial use, 780 acre will be for industrial use.
Ashish Bhutani said the greenfield project would also generate 10,000 employments.
Bayview Projects was initially competing against Super Cassettes Industries Pvt Ltd (T-series), Supersonic Technobuild (backed by film star Akshay Kumar, Maddock Films, and others), and 4 Lions Films (backed by filmmaker KC Bokadia and others) to develop the film city.
According to Bayview Projects, the film city will have seven distinct zones, including production and studio space in 60 acre, a film university in 20 acre, factories and craftsmanship area in 15 acre, administrative and creative hub in 10 acre and a film university in 20 acre besides a dedicated zone for entertainment and leisure.
This was the third time that a tender was floated for the project. A global tender was floated on November 23, 2021 and then on July 11, 2022 but no investor expressed interest. Then the tender was floated on September 30, 2023 with a deadline of January 4, 2024. PTI KIS ANU ANU
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