LUCKNOW: A major milestone on the construction of the film city project was achieved on Wednesday as the Uttar Pradesh government put its seal on the detailed project report (DPR) proposal to go for a hybrid model of its development in Greater Noida, said senior government officials.
The model will see the Yamuna Expressway Industrial Development Authority (YEIDA) hold equity in the project through its contribution of nearly 1,000 acres of land in Sector 21 of Gautam Budh Nagar, while the concessionaire, that will develop and run the Film City, will pay the state government Rs 100 crore-a-year after a 10-year moratorium and offer a share of its revenue to the YEIDA, said the officials.
However, a global tender to hire the agency will soon be floated by YEIDA, said the sources.
The film city is proposed to come up along the 165-km Yamuna Expressway. The project, with an aim to match the international standards of filmmaking, will encourage all phases of film production and offer various amusements to the public.
The official sources said that the DPR suggested three models for the development of the project -- one model had the developer giving a certain amount of rent to the state and YEIDA, the second had the developer giving a stake in the project to both the state and YEIDA, while the third had the developer giving a share of its profits to the government annually. Officials said that the government eventually settled for a model incorporating features from all three models.
The UP government, sources said, had suggested that the project be developed in two phases, while the YEIDA will provide all amenities and infrastructure.
According to YEIDA CEO Arun Vir Singh, the help of an international agency would be taken to prepare a Request for Proposal (RFP) document to select the company that will develop the project. YEIDA had made a presentation of the DPR to the state government on August 12.
As per the estimates prepared by the consultant, over Rs 6,500 crore will be required to develop the first phase of the ambitious project. The sources said that as per the DPR, film studios in the project would require an investment of Rs 1,513 crore, retail mall Rs 989 crore, the film institute Rs 914 crore, infrastructure development Rs 842 crore, hotels & restaurants will require Rs 532 crore, amusement park Rs 378 crore, residential enclave Rs 307 crore, office space Rs 277 crore, among others.
According to officials, the DPR has suggested an amusement park spread over 120 acres, commercial development on 40 acres, 34 acres should be earmarked for retail space, 21 acres for five-star hotels, 740 acres for film facilities, 40 acres for residential usage of people engaged in film productions and 40 acres for setting up film institutions.
In fact, CBRE, a firm, was hired as a consultant to prepare the DPR by YEIDA in January this year.