Producer Boney Kapoor and the Bhutani group yesterday (27th February) were given possession of the 230 acres of land by the Uttar Pradesh government’s Yamuna Expressway Industrial Development Corporation (YEIDC) for building the film city.
Boney Kapoor’s Bayview Projects LLP and the Bhutani Group from the real estate world had last year bagged the rights to develop the ambitious Film City project of the Uttar Pradesh government near the upcoming NOIDA international airport.
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 Super Technobuild 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.