Renowned Bollywood filmmaker Boney Kapoor acquired the position of the highest bidder to develop the new International Film City project.
One of the renowned Bollywood filmmakers, Boney Kapoor acquired the rights to build the new International Film City project in Sector 21, near Noida airport at Jewar.
The Film City Project
The panel of officials of the Yamuna Expressway Industrial Development Authority opened the financial bids for the Film City project on Tuesday, January 30, 2024. During the financial bid opening Boney Kapoor’s Bayview Project LLP and Bhutani Group collaboratively placed the highest bid to take over the Film City project leaving the other three bidders behind. There were a total of four companies that qualified for technical evaluation and placed their respective bids including Bayview Projects LLP of film-maker Boney Kapoor, Supersonic Technobuild Private Limited of bollywood actor Akshay Kumar, Lion Films Private Limited of KC Bokadia and Super Cassettes Industries Private Limited of T-Series.
Officials stated, Bayview Projects LLP and Bhutani Group also affirmed the maximum of 18% share of the profit to the government. Whereas Lions Films Private Limited of KC Bokadia’s emplacement was 15.12% share, Supersonic Technobuild Private Limited of actor Akshay Kumar’s emplacement was 10.80% share, and the lowest bid against the tender was off Super Cassettes Industries Private Limited of T-Series with 5.12%.
Future of the Film City area
The Film City will be developed on 1000 acres out of which 220 acres are reserved for commercial use and 780 acres for Industrial use. Phase 1 will be to develop the Film City on 230 acres. The developer will pay 144 crore as the security deposit money before entering to develop the site as per the Detailed Project Report (DPR). This crucial step of the project is approved by the UP chief secretary DS Mishra. As per DPR, the developer will get 90 years to build the complete project on 1,000 acres near the Jewar airport site in Noida.
DPR continues to state further, the project is worth 7,210 crore and the OTT platforms are also allowed to apply for this project.
Boney Kapoor’s statement
After owning the rights to develop the Film City project, he said in a video conference in Mumbai, that it was a dream come true for him to own a film studio. He always dreamt of having a film studio someday and after getting the tender his dreams came true. He stated further, that he has shot a total of three movies in UP which will become a filmmaking hub soon. He always dreamt of setting up a film studio along with his business partners where a filmmaker would come with a script and leave with an entire film.
Kapoor said, that the accessibility to the Noida airport is only 6 km away and it will make the Film City project more convenient.
The Film City project had delayed passing the tender of the project, in spite of the government’s strong initiative. The project was first announced in September 2020 and was supposed to be built on 1,000 acres but the global tenders were postponed twice in 2021 and 2022 as no company came forward to contribute and carry the project forward. A third tender was initiated on September 30, 2023, with the cost-cutting of the project up to 1,510 crore.
After the prolongation of four deadlines, the date was finalized on January 5, 2024, when Bayview and the other three companies came forward.
