Real estate consultancy CBRE said that the Noida Film City's first phase development is likely to create 10,000 direct and indirect jobs. The Film City which will span 1,000 acres will be built in three phases. The first phase will cover 230 acres.
CBRE is the consultant for the Uttar Pradesh government for its recent bidding. The first phase will cost around Rs 1,510 crore and will be developed in Sector 21 off the Yamuna Expressway near the upcoming Jewar airport.
In the 230 acres a proposed layout has been allocated for filming facilities, post-production facilities, hospitality, retail, and food and beverage development. It will also house media offices.
As per the Yamuna Expressway Industrial Development Authority (YEIDA), Bayview Projects, backed by filmmaker Boney Kapoor and real estate developer Bhutani Group, bagged the contract to develop the International Film City. In the bidding, the company offering the highest revenue share to the government was selected as the developer of the greenfield project.
"The project is granted a 90-year concession period, and the successful bidder is tasked with the financial responsibility of a revenue sharing to YEIDA," CBRE said.
In September 2020, Uttar Pradesh Yogi Adityanath approved the 1,000-acre project. It is now being developed on the public-private partnership (PPP) model.