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Boney Kapoor’s firm and Bhutani Group to jointly develop Film City in Jewar
Bayview Projects LLP and Bhutani Group beat out three other players to secure the rights for the Film City project in Sector 21 near Noida airport.
Film-maker Boney Kapoor's Bayview Projects LLP and Bhutani Group have secured the rights to jointly develop the Film City project in Sector 21, near Noida airport at Jewar, Hindustan Times reported.
During the financial bid opening on January 30, Bayview Projects LLP and Bhutani Group presented the highest bid, promising a substantial 18 percent share of the profit to the government, officials from the Yamuna Expressway Industrial Development Authority (YEIDA) told the paper.
The collaboration placed the highest bid, beating out three other players who qualified for technical evaluation — Lions Films (KC Bokadia) which promised 15.12 percent, Supersonic Technobuild which promised 10.80 percent (Akshay Kumar), and Super Cassettes Industries which promised 5.12 percent (T-Series).
Also Read | Noida Film City Project: Akshay Kumar's Supersonic Technobuild among 4 firms qualified for final bidding
As per the rules, the highest gross revenue share determines the selected bidder, YEIDA CEO Arun Vir Singh told the paper, and Bayview's bid outpaced the others, prompting the submission for approval to the state government.
Tender History and Development Plan
YEIDA initiated the film city developer selection process on November 23, 2021, through a global tender, which underwent revisions due to a lack of initial interest. On January 27, 2024, the technical bids were opened after four companies qualified, leading to the subsequent opening of financial bids.
Also Read | Here's how this Andhra Pradesh woman with ₹41 in her account cheated Delhi hotel of ₹6 lakh
The Film City, planned on 1000 acres, allocates 220 acres for commercial use and 780 acres for industrial purposes. However, the initial phase will cover 230 acres.
As per the Detailed Project Report (DPR), the developer must submit ₹144 crore as security money before commencing development. A high-level committee, led by UP Chief Secretary DS Mishra, approved the DPR for the 90-year development project in Sector 21 near Jewar airport, estimated at ₹7,210 crore.
The project, announced by UP Chief Minister Yogi Adityanath, also allows OTT platforms to apply, with consultancy provided by American commercial real estate services firm Coldwell Banker Richard Ellis.
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Business NewsIndustryMediaBoney Kapoor’s firm and Bhutani Group to jointly develop Film City in Jewar
First Published:31 Jan 2024, 10:10 AM IST
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