Did you know the government of Uttar Pradesh is building a film city in the region? After launching, it is expected to bring the majority of film production from Mumbai to Greater Noida.
Let’s talk more about the UP film city project to help you develop a better understanding of how it will affect India’s film industry and the local real estate market.
UP Film City Location
The proposed film city in Greater Noida will be located in Sector 21 of the Yamuna Expressway, 5 km from the Jewar Airport. Plus, it will be close to the proposed logistic hub in Noida, the freight corridor, and the proposed dry port.
Another factor that makes the location of the proposed project in Noida ideal is that it is only 80 km away from the Indira Gandhi International Airport in Delhi. As a result, the film city will be close to India’s capital, Delhi, as well as two of the country’s most prominent cities, Mathura and Agra.
Interestingly, the proposed film city will be in the state of Uttar Pradesh, which borders seven states and Nepal.
Details About The UP Film City
The Yamuna Expressway Industrial Development Authority (YEIDA) issued a tender for the UP Film City project with the plan to develop it on a 1000-acre land near the Noida International Greenfield Airport in Jewar.
In response to the tender, veteran filmmaker KC Bokadia put forward a proposal outlining his plans for building the ultimate film city in sector 21 of the Yamuna Expressway.
It seems that the UP government plans to offer complete pre and post-production infrastructure to the film fraternity through the newly proposed film city. It is expected to have VFX and digital based on international standards, along with advanced processing labs, to help produce the best films in Indian cinema.
This studio will also have resorts, star hotels, cinemas, parks, entertainment zones, and other exciting facilities to attract tourists and boost the project’s value. Out of the 1000 acres of land designated for the construction of the UP film city, 220 acres will be utilized for commercial purposes, while the remaining 780 acres of land will be used for industrial activities.
Changes Introduced In The State’s Film Policy
Here are the changes the state government has introduced in its film policy to offer monetary benefits to filmmakers:
- 50% of the cost will be subsidized if the films are in Braj, Bhojpuri, Awadhi, or Bundeli.
- 25% of the cost will be subsidized if the films are in Hindi, English, or other languages.
- Filmmakers will be entitled to a subsidy of 25% or Rs 50 lakhs if the studios or labs are set up in the state. The subsidy will increase to 35% if studios or labs are set up in Bundelkhand, Vindhyachal, and Purvanchal.
- Films that are mainly shot in the state would get a maximum subsidy of Rs 1 crore.
It is safe to say that these amendments aim to incentivize filmmakers and artists to shift their projects from Mumbai or Hyderabad to the film city in UP.
How Will The Film City Prove Beneficial For The Real Estate Sector In Noida?
It is no secret that the economic slowdown and the pandemic damaged Noida’s real estate sector significantly. However, the recently announced project of Jewar Airport and now a film city in Uttar Pradesh is expected to boost the prices of commercial and residential properties in Noida.
Experts claim that such initiatives tend to have a multiplier effect on a region’s local economy. The launch of this new project will attract talented individuals from all over the country to Noida, encouraging them to buy new homes to settle in the city. Plus, it will also bring in millions of support staff and workers, who will ultimately look for accommodation in the region.
Consequently, the UP film city will positively impact residential and commercial real estate projects in Noida.
Moreover, the announcement of the film city is also expected to help Noida emerge as a prominent luxury housing market. Bollywood stars and other wealthy individuals belonging to the film industry would come to Noida and invest in real estate projects that fulfill their high standards. As a result, projects offering vast amenities and luxury, such as ACE Divino, ACE Starlit, and ACE Parkway will attract a significant number of buyers.
In addition to this, the demand for penthouses, farmhouses, and villas, will skyrocket in Noida once the film city launches. People also think that the proposed project will contribute to an increased demand for wellness homes.
To sum it up, the launch of the film city in UP will prove beneficial for the entire region of Noida, as property prices will skyrocket due to the increased demand.
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