Development of first phase of Noida Film City to generate 10,000 jobs: CBRE

The first phase of International Film City will cost around Rs 1,510 crore and will be developed near the upcoming Jewar Airport

The development of the first phase of International Film City in Noida is expected to generate direct and indirect employment for 10,000 people, real estate consultancy CBRE said on Wednesday. The international film city will span 1,000 acres and be developed in three phases. The first phase will be spread across 230 acres.

CBRE, the consultant to the Uttar Pradesh government for its recent bidding, said that the project's first phase will cost around Rs 1,510 crore. It will be developed 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, bagged the contract to develop the International Film City. Firms backed by Akshay Kumar and T-Series also participated in the bidding.

 

The company offering the highest revenue share to the state government was selected as the developer for the greenfield project.

In the 230-acre land parcel, a proposed layout has been allocated for filming facilities, post-production facilities, hospitality, retail, and food and beverage development. It will also house media offices.

"The project is granted a 90-year concession period, and the successful bidder is tasked with the financial responsibility of a revenue sharing to YEIDA," CBRE said.

In September 2020, Uttar Pradesh Yogi Adityanath approved the 1,000-acre project. It is now being developed on the public-private partnership (PPP) model.

"Indian cinema gets a new stage, that's the need of the hour," Adityanath said in a meeting to approve the project.

"The state government will extend full support to it. There should be Indianness in our minds. We don't have to keep ourselves away from it [Indianness]. If we work with this mindset, the UP government will extend full support."

The previous two bidding rounds for the project, one in 2021 and another in 2022, failed to attract bidders ostensibly due to the massive investment requirement and prohibitive bidding terms. The terms were revised several times last year before the third round of bidding.

The third bid for the project was floated on September 30, 2023, with January 5, 2024, as the deadline.