Boney Kapoor to develop Film City project as he placed highest bid - Hindustan Times
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Boney Kapoor to develop Film City project as he placed highest bid

Jan 30, 2024 07:46 PM IST

Film maker Boney Kapoor's Bayview Projects LLP and Bhutani Group will jointly develop Film City project in sector 21, near Noida airport.

Film maker Boney Kapoor's Bayview Projects LLP and Bhutani Group will jointly develop Film City project in sector 21, near Noida airport at Jewar, as it placed the highest bid taking over the project leaving behind other three players.

Boney Kapoor's company will develop Noida's Film City in Sector 21.
Boney Kapoor's company will develop Noida's Film City in Sector 21.

The four companies that were qualified in technical evaluation including Bayview Projects LLP of film-maker Boney Kapoor, Lions Films Private Limited of KC Bokadia, Supersonic Technobuild Private Limited of actor Akshay Kumar and Super Cassettes Industries Private Limited of T-Series had placed their respective bids.

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The committee of officials of the Yamuna Expressway industrial development authority on Tuesday opened the financial bids and found that the Bayview Projects LLP and Bhutani Group has placed the highest bid promising the maximum 18 percent share of the profit to the government thereby becoming eligible for developing this project. Lions Films Private Limited of KC Bokadia placed 15.12%, Supersonic Technobuild Private Limited of actor Akshay Kumar 10.80% and Super Cassettes Industries Private Limited of T-Series placed 5.12 % lowest bid against the tender, said officials.

"As per the laid down rules the company that will give the highest amount of gross revenue share will be considered the selected bidder and the Bayview Projects LLP have placed the highest bid leaving other three bidders behind in the process. Now we will send this for approval to the state government for the required procedures," said Arun Vir Singh, chief executive officer of the Yeida.

As per the guidelines of the public-private-partnership the proposed bids will be placed before the committee of secretaries and then it will be put forth before the state government cabinet for the necessary approvals.

"Once the cabinet will give its approvals the highest bidder will get the letter of award," said Singh.

The Yeida had on November 23, 2021 issued a global tender for the film city developer selection but no one came forward to take up the project. It prompted the Yeida to revise the detailed project report and again on November 7, 2022 the global tender was issued inviting the bids from the interested film makers. But no developer of film makers had submitted the bid in this project. On September 30, 2023 the Yeida had third time issued a global tender and fixed January 5, 2024 as the last date for the submission of the bids. Subsequently the Yeida on January 27 opened the technical bids in which 4 companies were qualified paving way for opening of the financial bid that was opened on Tuesday January 30, 2024.

The film City is to be developed on 1000 acres out of which 220 acres is earmarked for the commercial use and 780 acres for the industrial use. However in the phase I the developer will develop the film city on 230 acres of area.

As per the Detailed Project Report (DPR), the developer will have to pay 144 crore as security money before development begins at the site. The high-level committee, headed by UP chief secretary DS Mishra, has approved the DPR for the progress on this crucial project. The developer will get 90 years to develop this project spread on 1,000 acres in Sector 21 located in close proximity to Jewar airport site, the DPR said.

According to the DPR, it is 7,210 crore project and the committee had allowed the OTT platforms to apply for this project. The Yeida had hired Coldwell Banker Richard Ellis — an American commercial real estate services and investment firm — as consultant for the DPR on January 8, 2021, after UP chief minister Yogi Adityanath announced that his government will develop another film city to encourage film production in the state.

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  • ABOUT THE AUTHOR
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    Vinod Rajput writes on environment, infrastructure, real estate and government policies in Noida and Greater Noida. He has reported on environment and infrastructure in Delhi, Gurgaon and Panchkula in the past.

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