Boney Kapoor’s consortium signs pact for Noida Film City
GREATER NOIDA: The Yamuna Expressway Industrial Development Authority (YEIDA) on Thursday signed a concession agreement with Bayview Bhutani Film City Private Limited, a newly formed special purpose vehicle (SPV) led by producer Boney Kapoor and construction giant Bhutani Group, for the development of an International Film City near Jewar Airport.
Officials said that the construction on the project shall start within next six months and the project will be made functional in three years.
According to officials, the film city will come up in YEIDA’s Sector-21, along the 165-km long Yamuna Expressway connecting Greater Noida with Agra and is located in the vicinity of the upcoming Noida International Airport in Jewar.
“It was envisioned two-and-a-half-years ago and is coming to fruition today. Film city is an integral part of the all-round development of the area, which will also have an airport, Indian Railways, Metro, Expressway, Pod Taxi, Rapid Rail and Orbit Rail. There is also a dedicated freight corridor here. There could not have been a more suitable place for Film City. There is a complete ecosystem here,” said Arun Vir Singh, CEO, YEIDA after signing the agreement.
Filmmaker Boney Kapoor said that he wants to give more to the society through the project. “Recently, during visits to London and Los Angeles, I had the opportunity to inspect numerous studios and observe the latest technological advancements in their construction. Our endeavour will be to begin the shooting of the film after building one floor only, so that we feel that the film city has started. This will show the world that the film city has commenced. Our effort will be to give more than what we take,” said Kapoor.
On January 30, 2024, Bayview Projects LLP, a firm backed by Kapoor along with the consortium of two other firms — Parmesh Construction Company Limited (Bhutani Group) and Noida Cyberpark Private Limited - won the bid for the development of International Film City, leaving behind a company backed by actor Akshay Kumar and production giant T-Series.
To facilitate the efficient management and operation of the film city, a Special Purpose Vehicle (SPV) has been formed. This strategic move is designed to streamline operations, ensure accountability, and foster a conducive environment for creativity and innovation within the film industry.
This venture not only underscores the collaborative efforts between the public and private sectors but also highlights the commitment to bolstering the entertainment infrastructure in the region, a senior YEIDA officer said.
The letter of award was issued on March 11 after which the consortium formed the SPV for the project. While the project will be developed by the company, YEIDA will be the nodal authority.
Under the Phase-1 of the project, a total of 230 acres will be developed, which will include 75 acres (33%) of commercial and 155 acres (67%) of filming component. The estimated project cost is Rs 1,510 crore and the construction period has been set at three years.
A total of 1,000 acres have been identified for the complete project, out of which 220 acres is for commercial use while 780 acres is for industrial use.
