Feb 07, 2024 – CBRE South Asia Pvt. Ltd, India’s leading real estate consulting firm, announced the successful closure and award of the bid for the development of an international film city in Noida to a joint consortium of renowned filmmaker Boney Kapoor and the Noida-based Bhutani Group. CBRE has served as a consultant to govt. of Uttar Pradesh and was appointed to prepare the Detailed Project Report (DPR) and undertake the transaction advisory for the project. The project has been envisioned to unfold in three stages. The initial phase, encompassing 230 acres, is part of a larger land parcel of 1,000 acres and likely to be completed by FY 2028-29. The proposed film city will come up near the upcoming Jewar airport in Uttar Pradesh. The total cost of developing Phase – 1 of the project, spread across 230 acres of the proposed film city, is approx. INR ~1,510 Cr. and is expected to generate direct and indirect employment of ~ 10, 000 people. This project will also give a boost to the real estate activity on the Yamuna Expressway.
Last year, Yamuna Expressway Industrial Development Authority (YEIDA) launched a global tender for a 230-acre international film city project. After technical evaluation, four contenders submitted the bids: Bayview Projects LLP (Boney Kapoor Consortium), Lions Films, Supersonic Technobuild, and Super Cassettes Industries (T-Series). In the final round, Boney Kapoor’s Bayview Projects LLP emerged as the highest bidder for the project’s development. The first phase of the project spans 230 acres and the proposed layout has been allocated for filming facilities, post-production facilities, hospitality, retail, and F&B development and will house media offices. Aimed at fostering a holistic media environment, the project is designed to support the full spectrum of the movie industry’s value chain, offering dedicated spaces for the production of creative media arts alongside opportunities for recreation, learning, and access to shared and post-production amenities.
The project is granted a 90-year concession period, and the successful bidder is tasked with the financial responsibility on a revenue sharing to YEIDA. The investments in the landmark project will positively impact the region’s cultural and economic landscape, establishing a modern entertainment and media hub in the vicinity of Noida.
Commenting on the development, Preetham Mehra, Senior Executive Director & Head – Government Practice, CBRE India, said, “The development of the film city in the state is a milestone for Uttar Pradesh. It is a privilege for CBRE to serve the Govt of UP and assist on this prestigious project, as this aligns with the state government’s vision to establish a leading global entertainment hub adjacent to the upcoming Jewar Airport, one of Asia’s major airports. CBRE is committed to supporting all state governments in India in realizing their vision and helping them conceive and implement large visionary projects successfully’.