Uttar Pradesh’s Chief Minister, Yogi Adityanath, has directed the Yamuna Expressway Industrial Development Authority (YEIDA) to accelerate the formulation of the blueprint for the upcoming ‘Film City’ in Gautam Buddh Nagar district. Adityanath’s proactive approach seeks prompt adjustments to the project’s scheme to propel its realization.
During a convened meeting in Lucknow, Chief Minister Adityanath engaged with YEIDA officials, leading to pivotal modifications aimed at surmounting obstacles impeding the project’s advancement.
The strategic development of the Film City will transpire through a meticulously structured three-phase approach. The initial phase will encompass construction on a sprawling 230-acre expanse. Within this segment, an expansive 156-acre land parcel will be allocated for studios, while an additional 21-acre tract is earmarked for the establishment of a comprehensive film institute. The remaining 74 acres are designated for multifaceted commercial and residential undertakings.
Subsequently, the second phase will span across 385 acres, with the third and final phase poised for initiation upon the completion of phase two. Collectively, the Film City project is envisaged to span an extensive 1,000-acre area.
YEIDA’s CEO, Arun Veer Singh, estimates the overall project investment to amount to Rs 1000 crores. To usher this endeavor forward, a committee under the Chief Secretary’s leadership will convene to endorse the proposal. Anticipated for the imminent month, the global tender issuance is expected to open doors for a diverse array of Indian and international entities to partake in the bidding process.
Underpinning the strategic recalibrations is a notable departure from the earlier revenue-sharing mechanism. The initial proposal outlined a premium of Rs 116 crores to be accorded to the triumphant company in the initial global bidding phase. However, industry stakeholders within the film domain expressed reservations concerning this sum. In response, YEIDA has chosen to eliminate this revenue-sharing clause.
Concurrently, pivotal adjustments have been enacted in the domain of licensing and the moratorium timeline. Previously slated for 60 years, the license tenure for Film City has been protracted to a substantial 90-year period. Correspondingly, the moratorium duration has been extended from four to seven years.
These modifications collectively translate to a seven-year exemption from revenue sharing for the enterprise responsible for constructing the Film City. Upon the moratorium’s lapse, the revenue-sharing model will seamlessly integrate into the project’s operational framework.
As anticipation mounts, the upcoming month is poised to witness the solicitation of global bids, promising the active engagement of both domestic and international enterprises in this landmark venture.