In a significant development, Noida Film City, a pet project of Uttar Pradesh Chief Minister Yogi Adityanath, is moving closer to reality, with four major bidders vying for its development. The proposed international project is set to span over 1,000 acres of land near the upcoming Noida Airport.
As of now, T-Series, the renowned Super Cassettes Industries Private Limited, and companies associated with actor Akshay Kumar (Supersonic Technobuild) and filmmaker Boney Kapoor (Bayview Projects LLP) are the top contenders in the final round of financial evaluation.
Recently, these four bidders presented their plans for the greenfield project to officials of the Uttar Pradesh government. Akshay Kumar joined the presentation virtually, while Boney Kapoor was present at the Yamuna Expressway Authority office in Greater Noida.
The bidding process has reached the final stages, with all four contenders qualifying on technical grounds. The financial bid for the International Film City concessionaire or developer is scheduled to be opened on January 30 at 2.30 p.m.
This project operates on a public-private partnership (PPP) model, with the developer offering the highest revenue share to the state government being selected. Shailendra Bhatia, the OSD of the project, mentioned that after the financial bid is opened, the selected concessionaire’s proposal will be sent to the state government for approval. Once approved, the land will be allotted, and construction work for the project will commence.
Moreover, the bid for the Noida Film City project was initiated on September 30, 2023, with January 5, 2024, set as the deadline. This marks the third attempt to attract investors for the development of the Film City after two previous endeavors fell short.
The Film City, situated in Sector 21 of the Yamuna Expressway Authority near the upcoming Noida International Airport, holds great promise as an international hub for the film industry. The first phase, covering 230 acres, is part of the larger 1,000-acre vision for the project. Stay tuned for more updates on this exciting venture that aims to bring global attention to Noida.
Positive impact of Noida Film City on Noida property
The envisioned Noida Film City, with its vast scale and international allure, is poised to usher in a positive impact on the real estate landscape of Noida. As the film city takes shape, it is expected to drive substantial economic growth, attracting not only filmmakers and industry professionals but also fostering ancillary services, hospitality, and entertainment establishments. The increased commercial activity is likely to spur demand for residential properties in the vicinity, creating a ripple effect on the Noida property market. The heightened interest from investors and residents alike could lead to a surge in property values, making Noida a sought-after destination for both living and investment.
Additionally, the infrastructural development associated with the film city could enhance connectivity and overall amenities, further elevating the appeal of Noida as a vibrant and dynamic urban center. As a result, the Noida real estate market stands poised to benefit significantly from the establishment and growth of the Noida Film City, presenting an optimistic outlook for the local property sector.