Noida, filmmaker Boney Kapoor and Bhutani Infra-backed company Bayview Projects on Thursday signed a concession agreement with YEIDA for the development of Noida International Film City, the first phase of which will be completed in 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 the Bhutani Group signed the agreement in the 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 in eight years.
"Initially, the focus is on completing the film facility and film institute within three years... The total budget allocated for this ambitious undertaking is Rs 1,510 crore," Singh said.
He said Rs 50 million is allocated for construction in the first two years, followed by Rs 75 million in the third year. Subsequently, Rs 100 million is allocated for expenditure between the fourth and eighth years, he said.
Bayview Projects won the bid on January 31 by offering an 18 per cent revenue share to the Uttar Pradesh government, the highest among the four bidders.
Boney Kapoor said: "Preparations for the film city began long before the official agreement. Recently, during my visits to London and Los Angeles, I had the opportunity to inspect numerous studios and observe the latest technological advances in their construction."
"This international film city, being developed in Uttar Pradesh, is all set to set a global standard," he added.
YEIDA, a UP government undertaking, manages land along the 165-kilometre Yamuna Expressway. The city of cinema is a public-private partnership (PPP) project.
"With the concession agreement, the land for the first phase of Film City development has been handed over to the concessionaire. Construction work will now begin at the site," said Bhatia, also responsible for the project.
The film city will be built on a 1,000-acre land in YEIDA Sector 21 along the Yamuna Expressway near Noida. Around 230 acres will be developed in the first phase. While 220 acres will be for commercial use, 780 acres will be for industrial use.
Ashish Bhutani said the greenfield project would also generate 10,000 jobs.
Initially, Bayview Projects was 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 city of cinema
According to Bayview Projects, the film city will have seven distinct zones, including production and studio space on 60 acres, a film university on 20 acres, factories and craft area on 15 acres, administrative and creative center on 10 acres and a university of cinema on 20 acres as well as an area dedicated to entertainment and leisure.
This was the third time a tender was floated for the project. A global tender was launched on November 23, 2021 and then on July 11, 2022, but no investors expressed interest. The tender was then launched on September 30, 2023 with a deadline of January 4, 2024.
The initial phase of the proposed film city will focus on establishing film-related facilities and a film institute.
Kapoor and Ashish Bhutani of the Bhutani Group signed the agreement in the 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 in eight years.
"Initially, the focus is on completing the film facility and film institute within three years... The total budget allocated for this ambitious undertaking is Rs 1,510 crore," Singh said.
He said Rs 50 million is allocated for construction in the first two years, followed by Rs 75 million in the third year. Subsequently, Rs 100 million is allocated for expenditure between the fourth and eighth years, he said.
Bayview Projects won the bid on January 31 by offering an 18 per cent revenue share to the Uttar Pradesh government, the highest among the four bidders.
Boney Kapoor said: "Preparations for the film city began long before the official agreement. Recently, during my visits to London and Los Angeles, I had the opportunity to inspect numerous studios and observe the latest technological advances in their construction."
"This international film city, being developed in Uttar Pradesh, is all set to set a global standard," he added.
YEIDA, a UP government undertaking, manages land along the 165-kilometre Yamuna Expressway. The city of cinema is a public-private partnership (PPP) project.
"With the concession agreement, the land for the first phase of Film City development has been handed over to the concessionaire. Construction work will now begin at the site," said Bhatia, also responsible for the project.
The film city will be built on a 1,000-acre land in YEIDA Sector 21 along the Yamuna Expressway near Noida. Around 230 acres will be developed in the first phase. While 220 acres will be for commercial use, 780 acres will be for industrial use.
Ashish Bhutani said the greenfield project would also generate 10,000 jobs.
Initially, Bayview Projects was 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 city of cinema
According to Bayview Projects, the film city will have seven distinct zones, including production and studio space on 60 acres, a film university on 20 acres, factories and craft area on 15 acres, administrative and creative center on 10 acres and a university of cinema on 20 acres as well as an area dedicated to entertainment and leisure.
This was the third time a tender was floated for the project. A global tender was launched on November 23, 2021 and then on July 11, 2022, but no investors expressed interest. The tender was then launched on September 30, 2023 with a deadline of January 4, 2024.
