After receiving a tepid response to the last two global tenders for the 1,000-acre Film City project, the Yamuna Expressway Industrial Development Authority (YEIDA) is in talks again with production houses and filmmakers.
This round of talks is aimed at understanding the reservations of potential bidders so as to ease bidding conditions in the third tender document, officials privy to the development said.
The changes could include providing for a concession period of 90 years, allocation of smaller land plots and allowing film-related manufacturing units, the officials said.
After these meetings a report will be prepared on the suggestions and recommendations offered by filmmakers, production houses and music companies and it will be sent to the Uttar Pradesh Government for approval.
“After approval of the report prepared on suggestions by industry players, the state government will call a meeting of the Public Private Partnership Evaluation Committee to decide on the final tender document. A final call on relaxations will be taken by the committee and then the third tender will be floated,” YEIDA CEO Arun Vir Singh told Moneycontrol on May 3.
Also Read: In Pics: Noida’s Film City Project failed to attract bidders; Know project details
Calling on all stakeholders
He added that meetings are being held with several industry players that include music companies and production houses such as T-Series, Omaxe, which is part of a consortium with Ad-Labs, the Star group, PVR, MX Player, Zoom TV, and Sony.
The authority is also in talks with filmmakers including Rajinikanth, Anil Kapoor, KC Bokadia, Rajpal Yadav, and Kailash Masoom.
“Officials of YEIDA may fly down to Chennai later this month to hold a meeting with Rajinikanth over the Film City project,” Singh said.
Suggestions provided by T-Series include dividing the 1,000-acre land parcel into smaller land parcels measuring 200-250 acres, considering the scalability and viability of Film City.
It said the concession period should be for 90 years instead of 60 years, with an option to renew it for 30 years more.
Also Read: Filmmakers and music companies evince interest in upcoming International Film City
Production houses want YEIDA to allow manufacturing units related to film equipment and freedom in developing the project. Omaxe suggested changing the land use matric so that real estate development can be allowed in the project.
“We will not allow real estate development in the project. We can relax the condition of 60 years-plus-30 years lease period; instead the authority may decide on giving a lease of 90 years directly. The authority may also allow inclusion of film-related manufacturing units in the project. However, any final decision on these points will be taken in the evaluation committee meeting,” Singh said.
YEIDA plans to develop the 1,000-acre Film City in Sector 21 along the Yamuna Expressway in three phases. The first two phases may involve building the project on 400 acres and the third on 200 acres.
The first global tender for the film city was floated on November 22, 2021. The second global tender was issued on October 17, 2022. The deadline for this was extended up to February 14, 2023 and then February 28, 2023 and then to March 31, 2023. No bids were received.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
