Filmmaker Boney Kapoor to develop Film City project for highest bid
Filmmaker Boney Kapoor to develop Film City project for highest bid
Notedly, Film maker Boney Kapoor’s Bayview Projects LLP and Bhutani Group are to jointly develop Film City project in sector 21, near Noida airport
at Jewar, as it placed the highest bid taking over the project leaving behind other three players.
As per officials, the four companies qualified in technical evaluation including Bayview Projects LLP of film-maker Boney Kapoor, Lions Films Private Limited of KC Bokadia, Supersonic Technobuild Private Limited of actor Akshay Kumar and Super Cassettes Industries Private Limited of T-Series had placed their respective bids.
The committee of officials of the Yamuna Expressway industrial development authority on Tuesday opened the financial bids and found that the Bayview Projects LLP and Bhutani Group has placed the highest bid ensuring the maximum 18 percent share of the profit to the government thereby emerging eligible for developing this project.
Whereas,Lions Films Private Limited of KC Bokadia placed 15.12%, Supersonic Technobuild Private Limited of actor Akshay Kumar 10.80% and Super Cassettes Industries Private Limited of T-Series placed 5.12 % lowest bid against the tender.
According to the company’s laid down rules the highest amount of gross revenue share will be considered the selected bidder and the Bayview Projects LLP have placed the highest bid leaving other three bidders behind in the process.
As per Arun Vir Singh, chief executive officer of the Yeida.
they will now send this for approval to the state government for the required procedures
In accordance Ahe guidelines of the public-private-partnership the proposed bids will be placed before the committee of secretaries and then it will be put forth before the state government cabinet for the necessary approvals.
Singh further added that once the cabinet gives its approvals the highest bidder will get the letter of award.
The Yeida had on November 23, 2021 issued a global tender for the film city developer selection but none stepped forward to take up the project. Thus it prompted the Yeida to revise the detailed project report and again on November 7, 2022 the global tender was issued inviting the bids from the interested film makers.
Ironically, no developer of film makers submitted the bid in this project. On September 30, 2023 the Yeida had for the third time issued a global tender and fixed January 5, 2024 as the last date for the submission of the bids.
Subsequently the Yeida on January 27 opened the technical bids in which 4 companies were qualified paving way for opening of the financial bid that was opened on Tuesday January 30, 2024.
The film City is to be developed on 1000 acres out of which 220 acres is earmarked for the commercial use and 780 acres for the industrial use. However in the phase I the developer will develop the film city on 230 acres of area.
A Detailed Project Report (DPR), states that the developer will have to pay ₹144 crore as security money before development begins at the site. The high-level committee, headed by UP chief secretary DS Mishra, has approved the DPR for the progress on this crucial project. The developer will get 90 years to develop this project spread on 1,000 acres in Sector 21 located in close proximity to Jewar airport site, the DPR said.
DPR mentions that it is a ₹7,210 crore project and the committee had allowed the OTT platforms to apply for this project. The Yeida had hired Coldwell Banker Richard Ellis — an American commercial real estate services and investment firm — as consultant for the DPR on January 8, 2021, after UP chief minister Yogi Adityanath announced that his government will develop another film city to encourage film production in the state.
News Edit K.V.Raman
