The Yamuna Expressway Industrial Development Authority (YEIDA) has signed a concession agreement with Bayview Bhutani Film City Pvt Ltd, a special purpose vehicle (SPV) which will develop the Film City project in Noida.

In January, Bayview Projects LLP, a joint venture between filmmaker Boney Kapoor and Noida-based real estate developer Bhutani Group, emerged as the highest bidder for the development of the first phase of the proposed 1,000-acre film city near the upcoming Jewar airport in Uttar Pradesh.

According to the plan, Rs 1,510 crore will be invested in the first phase.

The project is part of efforts to promote the film industry in UP, said YEIDA chief executive Arun Vir Singh.

Apart from filming facilities, the film city project includes serviced apartments on 57 acres, a 200-key luxury hotel, another 172-key super luxury hotel, a food and beverages-focused retail development on 5.15 acres, and a commercial office on 2.37 acres.

“Our project will incorporate cutting-edge technology, premier studios, shopping centres, and tourist attractions, setting a new global benchmark,” Bhutani Group CEO Ashish Bhutani said.

In the JV, the Bhutani Group will be responsible for the real estate part, while Kapoor’s firm will look after the operational aspect of the film city.

The first phase is about 230 acres, and the company will have a first right of refusal for subsequent phases.

"This film city is a visionary project that will elevate Uttar Pradesh's position on the global film industry map. We have meticulously analysed film cities worldwide and integrated the best practices to ensure our film city is unparalleled,” said Kapoor.

T Series, K C Bokadia's Lions Films Pvt Ltd, Supersonic Technobuild Pvt Ltd of Maddock Films, and Cape of Good Films LLP were the other companies that had submitted bids for the first phase of the project.

YEIDA estimates total investments of Rs 10,000 crore in the film city project.

Real estate consultants CBRE, which had prepared a detailed project report, had proposed that the project be completed in three phases. The entire project should be completed by 2028–29.

The objective of the project is to provide an integrated media infrastructure for the movie business value chain. The concession period will be for 40 years, which will be extendable for 30 years.

The selected company will pay an annual premium or a revenue share, whichever is higher, to the authorities.

The proposed 1,000-acre site includes 740 acres for filming, 40 acres for film institutes, 120 acres for an amusement park and retail, and the remaining 100 acres for commercial use.

The proposed land is located at Sector 21 on the Yamuna Expressway, four kilometres from the under-construction Jewar airport.