YEIDA Appoints Independent Engineering Agency for International Film City Oversight
The Yamuna Expressway Industrial Development Authority (YEIDA) has taken a significant step toward ensuring the quality and timely completion of the ambitious International Film City project in Noida. In a move aimed at strengthening technical and financial oversight, YEIDA is set to appoint an independent engineering agency to monitor the construction process for a period of three years.
Comprehensive Monitoring and Quality Assurance
This independent agency will be responsible for a wide range of critical functions. Its primary duties include ensuring strict adherence to approved designs and construction timelines while certifying that all quality and safety standards are met throughout the development phase. The engineer will thoroughly review and certify various project components submitted by the developer, including surveys, master plans, architectural and structural designs, construction methods, quality and safety plans, cost estimates, and construction schedules.
The monitoring team will track project progress against approved milestones and verify compliance with all specifications detailed in the concession agreement. To ensure comprehensive oversight, the agency will maintain a core team stationed directly at the project site, supported by subject matter experts in specialized areas such as structural engineering, traffic management, environmental considerations, public health, and legal matters specific to public-private partnership projects.
Financial Oversight Through Chartered Accountant Firms
In parallel with the technical oversight, YEIDA has also decided to empanel five chartered accountant firms for statutory audit responsibilities spanning five years. These firms will conduct thorough audits of both audited and unaudited financial statements submitted by the concessionaire. Additionally, they will verify various financial claims made throughout the project's development, ensuring complete financial transparency and accountability.
Project Details and Development Phases
The International Film City is being developed in Sector 21 under a public-private partnership model by Bayview Bhutani Film City. This venture is led by renowned filmmaker Boney Kapoor in collaboration with the Bhutani Group. Strategically planned in proximity to the upcoming Noida International Airport, the project is expected to serve as a major catalyst for economic growth and development throughout the Yamuna Expressway region.
YEIDA has allocated approximately 1,000 acres of land in Sector 21 for this mega project. The development will proceed in phases, with Phase 1 covering about 230 acres for which development rights have already been granted. This initial phase represents an investment of Rs 1,510 crore spread over eight years and will include essential filming infrastructure and a film institute as mandatory components under the concession agreement.
The core project elements will encompass studios, comprehensive filming facilities, and the planned film institute. Beyond these mandatory components, the concessionaire has the option to develop additional attractions and facilities as outlined in Schedule F of the agreement. These potential additions could include amusement parks, hotels, retail spaces, serviced villas, commercial offices, and food-and-beverage-focused developments, creating a comprehensive entertainment and business destination.
This dual approach of appointing both technical and financial oversight agencies demonstrates YEIDA's commitment to ensuring the International Film City project meets the highest standards of quality, safety, and financial integrity while adhering to established timelines and specifications.
