Greater Noida: The consultant appointed by Yamuna Expressway Industrial Development Authority (YEIDA) for the Film City and Infotainment project is likely to submit its feasibility report on Wednesday.
Senior officials will examine the findings of the report and then send it to the UP government along with their recommendations. “We will submit our recommendations to the Uttar Pradesh government on the roadmap of the Film City project on the basis of the consultant’s findings. The government will have to approve the project before we can begin work at the site,” said Arun Vir Singh, the chief executive officer of YEIDA.
YEIDA has earmarked 1,000 acres in Sector 21 off the Yamuna Expressway for the Film City. It is estimated that the initial phases of the project would alone cost Rs 2,500 crore while its overall development will need three times this fund. The value of YEIDA’s land that will be diverted for the project has been pegged at Rs 1,800 crore.
Officials said that during their interactions with the consultant, YEIDA had stressed on the need for identifying the most viable development model for the big ticket project. CBRE, the consultant, will assess the state government’s film policy under the Film Bandhu scheme and present the best approach to develop the city.
It will also go through the policies and incentives offered in 17 states and Union Territories to promote film production. The model of film cities across the world will be also studied to incorporate the best practices possible for the Noida project.
Some of the key aspects that will be covered in the consultant’s report are sectoral analysis, employment opportunities, phasing, cost and revenue estimates, cash flow, financial model, roles of various stakeholders, among others. CBRE was selected as the consultant on December 14 last year and asked to submit the report within three months.
The development model for the Film City project is expected to be the same as that of the Noida International Airport, for which Zurich AG has been appointed concessionaire. For the Film City too, YEIDA is planning to float global tenders and offering land on a long-term lease under a concession agreement.