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Yamuna authority board mulls over three models to develop Film City project
The Yamuna Expressway industrial development authority (Yeida), in its 68th board meeting held on Saturday, decided to conduct a feasibility study for the proposed
The Yamuna Expressway industrial development authority (Yeida), in its 68th board meeting held on Saturday, decided to conduct a feasibility study for the proposed Dedicated Infotainment Zone (Film City) project in Sector 21, planned along the 165km Yamuna Expressway that connects Greater Noida with Agra. The authority suggested three models – public-private-partnership (PPP), to be developed by Yeida on its own, or a single developer to be chosen.
The authority put forth all three models in the meeting and discussed the same to decide the future course of action.
Going by rules, Yeida takes all its policy-related and other important decisions in its board meeting. Once the proposals are discussed, the authority sends these to the state government for a final approval before implementing the same on ground, said officials.
In the PPP model, the authority and a master developer will together form a special purpose vehicle (SPV) to develop this project. In this, the authority may be responsible for land, and the developer for the capital to develop, run and maintain this project.
In the single builder model, Yeida will allot the land to a private entity that will develop and further sub-lease the premises. And in the third model, the authority will on its own develop the internal and external infrastructure and allot the space to filmmakers.
“We put forth all these models. The board members discussed all issues related to the project and decided to conduct a feasible study. We will send these discussions (minutes of the meeting) to the Uttar Pradesh government for further guidance,” said Arun Vir Singh, chief executive officer of the Yamuna authority.
While it is not known when the decision on the most appropriate model will come through from Lucknow, Yeida officials said that the state government wants to execute this project as soon as possible.
Uttar Pradesh chief minister Yogi Adityanath on September 18 had announced the development of the Film City project in the area. Subsequently, on September 20, Yeida had sent a proposal stating that it has got 780 acres of land earmarked for industrial and 220 acres for commercial usage in Sector 21 that is suitable for a film city. The land is located only 6 km away from the scheduled Jewar airport and is located at a distance of 12 km from the Eastern Peripheral Expressway.
“We want to set up institutions of film research and development of cinema, film production houses, international academies, film studios, artificial villages, museums and other recreational zones for filmmakers,” said Singh.
Officials said Yeida hopes that the film city project will not only boost growth but also attract international investors to the region, thereby helping in job creation and growth.
