Under 100 Words: A Compact Summary
The International Film City development near Jewar Airport in Noida is estimated to cost Rs 1,510 crore for its initial phase, set to create 10,000 jobs. Bayview Projects, backed by Boney Kapoor and Bhutani Group, secured the contract, with the project covering 1,000 acres. The 230-acre first phase includes filming facilities, hospitality, and media offices, with a 90-year concession period. The third bidding round, initiated in September 2023, succeeded after revisions to terms following challenges in 2021 and 2022 (Noida Film City).
- CBRE (Coldwell Banker Richard Ellis), the real estate consultancy, announced on Wednesday that the inaugural phase of the International Film City’s development in Noida is anticipated to create employment for 10,000 individuals, both directly and indirectly.
- Noida Film City, spanning 1,000 acres and progressing in three phases, will see its initial phase covering 230 acres. As the consultant for the Uttar Pradesh government’s recent bidding, CBRE estimates the first phase’s cost to be approximately Rs 1,510 crore.
- The development site is located in Sector 21 of the Yamuna Expressway Authority, near the upcoming Jewar airport.
- Last month, the Yamuna Expressway Industrial Development Authority (YEIDA) announced that Bayview Projects, backed by filmmaker Boney Kapoor and real estate developer Bhutani Group, secured the contract to develop the International Film City.
- Notably, firms supported by Akshay Kumar and T-Series also participated in the bidding process (Noida Film City). The developer selected for the greenfield project was the one offering the highest revenue share to the state government.
- The allocated 230-acre land parcel for the project encompasses a proposed layout for filming facilities, post-production facilities, hospitality, retail, and food and beverage development, along with housing media offices.
- CBRE mentioned that the project is granted a 90-year concession period, with the successful bidder shouldering the financial responsibility of revenue sharing with YEIDA.
- In September 2020, Uttar Pradesh Chief Minister Yogi Adityanath approved the 1,000-acre project, which is now being developed on the public-private partnership (PPP) model. Adityanath expressed the importance of this initiative in a meeting, stating, “Indian cinema gets a new stage, that’s the need of the hour,” and assured the state government’s full support.
- The third bid for the project was initiated on September 30, 2023, with a deadline set for January 5, 2024 (Noida Film City).
- The project faced challenges in previous bidding rounds in 2021 and 2022, failing to attract bidders due to the substantial investment requirements and restrictive bidding terms (Noida Film City). The terms were revised multiple times last year before the successful third round of bidding.
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