Producer Boney Kapoor’s Bayview Projects LLP and Bhutani Group from the real estate world have bagged the rights to develop the ambitious Film City project of the Uttar Pradesh government near the upcoming NOIDA international airport. U.P. chief minister Yogi Adityanath had himself met industry representatives during the COVID-19 lockdown in Bombay in this regard.
Bhushan Kumar’s T-Series, a consortium backed by Akshay Kumar (Super Technobuild) and another backed by producer K.C. Bokadia (4 Lions Films) were also in the race to bag the prestigious contract. As against 4 Lions’ offer for a 15.1% share in revenue, Boney Kapoor offered 18% to the state government. T-Series had offered 5.3% while Supersonic quoted 10.8%. There is a moratorium period of eight years, which means that the developer will start paying the Yamuna Expressway Authority 18% of its gross revenue from the ninth year.
Boney’s Bayview Projects holds 48% in the consortium and it will be responsible for the operations and maintenance. Prem and Ashish Bhutani’s Parmesh Construction Company Ltd., with a 26% stake in the consortium, will finance the development while NOIDA Cyberpark Pvt. Ltd., owning the balance 26% stake, will offer technical support.