Boney Kapoor's consortium signs concession pact with YEIDA for Noida filmcity
Noida: 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. 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.
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.
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.
He said major construction is expected to be completed by 2027 while further development would happen subsequently.
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.
"We will make the biggest film city which will come up near the largest airport of the country with a minimum investment of around Rs 1,510 crore," Ashish Bhutani told PTI.
The MD of the Bhutani Group said the greenfield project would also generate 10,000 employments.
Of the 1,000-acre land, 220 acre is for commercial use and 780 acre for industrial use.
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.
