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The Yamuna Expressway Industrial Development Authority (Yeida) on Wednesday said it is all set to issue an allotment letter to the joint venture of filmmaker Boney Kapoor’s Bayview Projects LLP and Bhutani Group, which won the bid for the ambitious Film City project in Greater Noida.
The move comes a day after the Uttar Pradesh cabinet approved the joint venture for developing the Film City.
On January 30, 2024, Yeida announced that Bayview and Bhutani Group were the successful bidder among four companies.
Also Read: Yeida Film City will be built in three years, says developer
The four companies that were qualified in technical evaluation were Bayview, Lions Films Private Limited of KC Bokadia, Supersonic Technobuild Private Limited of actor Akshay Kumar, and Super Cassettes Industries Private Limited of T-Series.
The committee of officials of Yeida announced that Bayview and Bhutani Group placed the highest bid, promising the maximum 18% share of the profit to the government, thereby becoming eligible for developing this project.
Also Read: Boney Kapoor’s firm to develop Yeida’s Film City project
Lions Films promised returns of 15.12%, Supersonic 10.80% and Super Cassettes 5.12%, said officials.
“As per the rules, we sent the file to the state government for necessary approvals from the cabinet. The nod came on Tuesday, and now we have started the process to issue an allotment letter to Bayview and Bhutani group, which will start work at the site soon,” said Arun Vir Singh, chief executive officer, Yeida.
Uttar Pradesh Chief Minister Yogi Adityanath may lay the foundation stone of the Film City project any time before the model code of conduct for 2024 Lok Sabha elections comes into effect in the coming weeks, said state officials.
Also Read: 5 things you need to know about YEIDA’s ₹1220 crore Heritage City project near Mathura
Meanwhile, Yeida has installed at least 1,400 pillars and carried out wire fencing around 1,000 acres in Sector 21 earmarked for Film City, near the greenfield Noida international airport, said officials.
As per the detailed project report, the project has been divided into seven zones on 230 acres under phase one and the remaining phases 2, 3 and 4 will be developed at a later stage.
Also Read: UP budget: ₹1,150 crore allocated for Noida airport, ₹940 crore for RRTS
As per the DPR, the developer will have to pay ₹144 crore as security money before development begins at the site. The developer will get 90 years to develop the project, according to the DPR.
“This film city is going to be one of the best in the world in terms of the facilities that we would offer to filmmakers under one roof. One will come with an idea into this film city, and go out with a film ready for the release as all facilities — be it technical, sets, artist, accommodation, writers, editing and recreational activities among others — will be provided under one roof. We are ready for the foundation laying ceremony. And we will start work at the site after Yeida gives us the green signal,” said Ashish Bhutani, chief executive officer of Bhutani Group.
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