Noida, Jun 27 (PTI) Filmmaker Boney Kapoor and Bhutani Infra backed firm Bayview Projects on Thursday signed a concession agreement with YEIDA for development of Noida International Film City.
Bayview Projects had won the bid on January 31 with the offering of 18 per cent revenue share to the Uttar Pradesh government – the highest among four bidders.
Kapoor and Ashish Bhutani of Bhutani Group signed the agreement in presence of Yamuna Expressway Industrial Development Authority (YEIDA) CEO Arun Vir Singh and Additional CEO Shailendra Bhatia at the authority’s office in Greater Noida.
With the concession agreement, the developer has been handed over the allotted land parcel to begin work for the first phase of the project, according to an official.
The film city is to be built at 1,000-acre land in a public-private partnership in Sector 21 of YEIDA along the Yamuna Expressway near Noida. About 230 acre will be developed in the first phase.
Of the 1,000-acre land, 220 acre is for commercial use and 780 acre for industrial use.
The ambitious project of the Yogi Adityanath government is estimated to cost Rs 1,510 crore, according to an official document, seen by PTI.
Bayview Projects was initially competing against Super Cassettes Industries Pvt Ltd (T-series), Supersonic Technobuild (backed by film star Akshay Kumar, Maddock Films, and others), and 4 Lions Films (backed by filmmaker KC Bokadia and others) to develop the film city. PTI KIS ANU ANU
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