January 31, 2024: Boney Kapoor’s company Bayview Projects and real estate developer Bhutani Group on January 30, 2024, secured the final bid to develop the proposed International Film City spanning almost 1,000 acre near the upcoming Noida International Airport. Bayview Projects, in collaboration with Noida Cyberpark and Parmesh Construction, formed a consortium to secure this project. Bayview Projects holds 48% equity, while Noida Cyberpark and Parmesh Construction each have 26%.
Boney Kapoor outbid three other consortiums backed by actor Akshay Kumar, filmmaker K C Bokadia and production major Super Cassettes Industries (T-Series). The financial bids were opened by the nodal agency Yamuna Expressway Industrial Development Authority (Yeida) in Noida. Bayview Projects emerged as the winner with a maximum 18% gross revenue-sharing, followed by 4 Lions Film at 15.12%, Supersonic Technobuild at 10.80% and T-series at 5.27%. During the technical bidding round, the companies shared their vision for the project, aiming to rival the Mumbai cinema industry by providing a comprehensive filmmaking ecosystem with air and road connectivity.
The concessionaire’s selection is pending approval from the UP government before land allotment for the project’s development. The matter will be presented to a committee of secretaries led by the Uttar Pradesh chief secretary for vetting, and subsequently forwarded to the state cabinet for final approval. The state cabinet is expected to grant approval within the next 15 days.
The proposed Greater Noida project, estimated at Rs 10,000 crore, had faced challenges in attracting bidders twice before due to high investment requirements and prohibitive bidding terms. The state later adjusted the terms to enhance attractiveness for investors and entrepreneurs, proposing phased development for greater commercial viability.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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