Boney Kapoor's firm and Bhutani Group to jointly develop Film City in Jewar | Mint
Active Stocks
Tue Feb 27 2024 11:48:33
  1. State Bank Of India share price
  2. 755.00 -0.53%
  1. Tata Steel share price
  2. 143.40 0.56%
  1. Sun Pharmaceutical Industries share price
  2. 1,561.35 0.28%
  1. Power Grid Corporation Of India share price
  2. 290.80 1.06%
  1. Tata Consultancy Services share price
  2. 4,072.45 1.80%
Business News/ Industry / Media/  Boney Kapoor's firm and Bhutani Group to jointly develop Film City in Jewar
BackBack

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.

File image of Indian film producer Boney Kapoor. (File Image)Premium
File image of Indian film producer Boney Kapoor. (File Image)

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.

Also Read | US Air Force: F-16 Fighting Falcon crashes near Kunsan Air Base; 8th FW commander thanks South Korea for swift rescue

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 31 Jan 2024, 10:10 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App