According to Arun Vir Singh, CEO of the Yamuna Expressway Industrial Development Authority (YEIDA) Noida Film City, the flagship of the Uttar Pradesh government project is expected to lead to a five-fold rise in Real Estate Noida.
One of the officials involved in the project believed that there are huge opportunities, not to mention the investment potential, associated with the film industry. The Rs 5,000 crore investment is expected to yield benefits worth Rs 25,000 crore. It is expected to lead to a five-fold rise in real estate prices. On December 14, property consultant CBRE South Asia was chosen to produce the detailed project report (DPR) of the proposed film city near Noida.
The same official mentioned above stated, CBRE South Asia, which ranks 128th among Fortune 500 firms, will create the DPR for the Film City proposed to come up in Sector 21 of YEIDA. The company will send the DPR to YEIDA within 60 days. Liaison with other stakeholders and proposed financial and growth solutions in the Detailed Project Report (DPR) would be mandatory for them.
It will be submitted to the cabinet once that is ready, and once the cabinet finalizes the development model, it would go for global bidding in which the developer will be chosen. The procedure to be followed would be the same as the Jewar International airport selection criteria, the official said.
The Film City along the Yamuna Expressway, a pet project by Chief Minister Yogi Adityanath, is planned on a 1,000-acre area and will be just six kilometers from the upcoming international airport in Jewar. On September 18, Adityanath directed YEIDA to send to the state government its proposal for the establishment of a film city. This is the region's second-largest infrastructure project, after Jewar International Airport.
Three models were examined by YEIDA public-private partnership, the authority alone, or another single developer to build the project. Information about the architecture of the sector dedicated to the film town project and the financial viability of the project will be presented in the DPR.