Upcoming Noida Film City Progress: CBRE To Submit Feasibility Report By Feb 2021

Yamuna Expressway
Yamuna Expressway

Noida Film City, a flagship project of the UP government, is picking up pace. A day after YEIDA announced that Fortune 500 company CBRE would prepare the blueprint for the film city, Arun Vir Singh, CEO of the Yamuna Expressway Industrial Development Authority (YEIDA) declared that the project will bring a five-fold increase in real estate prices in the region.

“There are massive opportunities associated with the film industry, not to mention the investment potential. It is expected to lead to five times growth in real estate values – the Rs 5,000 crore investment is expected to generate benefits worth Rs 25,000 crore,” Money Control quoted Singh as saying.

Singh further added that the biggest benefit of establishing a film city is that it generates huge employment. He also mentioned that all big projects such as the Jewar airport project and now the film city project are expected to have a multiplier effect. Housing would be required for everybody working in the film city, he added.

YEIDA

780 acres of the land parcel are expected to be dedicated to the development of a film production hub while the remaining quantum will be used for commercial purposes.

Meanwhile, Property consultant CBRE South Asia is selected for making the detailed project report (DPR) of the proposed film city near Noida after a detailed selection-and-screening process. The consultant has been given a 60-day window to compile the detailed feasibility study for the project. The report should be ready before February 13. 

“It will be mandatory for them to liaison with other stakeholders and suggest financial and development options in the DPR. Once that is ready, it would be sent to the cabinet and once the cabinet finalizes the developmental model, it would go for global bidding after which the developer would be selected,” Singh said.

Global tenders to construct and develop the Film City are likely to be floated in April 2021. The process that will be followed will reportedly be exactly the same as the selection criteria for Jewar International airport.

CBRE brings in global experience of having executed similar projects in Ireland, California and in Australia.

“We have asked them to share the revenue models of similar projects that have been designed over a large land parcel,” revealed Singh. “Besides, they will liaison with local and international studios to find out if they are interested in moving to the national capital region.”

The film city in Noida is deemed as the pet project of Chief Minister Yogi Adityanath. It is planned along the Yamuna Expressway on an area of 1,000 acres and will be just six kilometers from the upcoming international airport in Jewar and 12 kilometers from the Eastern Peripheral Expressway. 

This is the second biggest infrastructure project in the region after the Jewar International Airport. The Jewar airport is chasing an April 2023 launch date.

Click here to read more on upcoming Noida Film City.

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