The Uttar Pradesh government on Wednesday approved the detailed project report (DPR) proposal to opt for a hybrid development model for the Film City in Greater Noida, officials familiar with the developments said.
This model will see the Yamuna Expressway Industrial Development Authority (Yeida) hold capital in the project through its contribution of nearly 1,000 acres in Sector 21, while the concessionaire that will develop and manage the Film City will pay the government. ??100 crore a year after a 10-year moratorium and offering a share of its revenue to the authority, officials said. Yeida will soon launch a global tender to hire the agency, they added.
The approval is a milestone for the film city, which is set to stretch along the 165 km Yamuna Highway. The project will encourage all phases of film production and provide various entertainment for the public.
“We will take the help of an international agency to prepare a Request for Proposal (RFP) document to select the company that will develop the project,” said Arun Vir Singh, Managing Director of Yeida who, along with other senior officials, made a presentation of the DPR to the state government on August 12.
The DPR suggested three models for the development of the project – one model had a developer giving a certain amount of rent to the state and Yeida, the second had the developer giving a stake in the project to both the state and Yeida. in Yeida, while the third had the developer donate a share of his profits to the government each year. Officials said the government ultimately opted for a model that incorporated some of the three models.
The government has suggested that the project be developed in two phases, while the Yeida will provide all amenities and infrastructure.
According to the estimates prepared by the consultant, more than ??6,500 crore will be needed to develop the first phase of the project.
Officials say the DPR suggested there should be a 120-acre amusement park, 40-acre commercial development, 34 acres should be set aside for retail, 21 acres for five-star hotels, 740 acres. for film facilities, 40 acres for the residential use of those engaged in film productions and 40 acres for world-class film institutes.
Yeida hired CBRE on January 8 as a consultant to prepare the DPR.
According to the DPR, the film studios of the project will require an investment of ??1,513 crore, shopping center ??989 crore, the institute of cinema ??914 crore, infrastructure development will take ??842 crore, hotels and restaurants will require ??532 crore, amusement park ??378 crore, residential enclave ??307 crore, office space ??277 crore, among others.
“We will ask the consultant (CBRE) to help us in the preparation and finalization of the tender dossier for the project. They worked on projects of similar scale and size, ”Singh said.