According to Arun Vir Singh, the CEO of the Yamuna Expressway Industrial Development Authority (YEIDA), Noida Film City, a flagship project of the UP government, is expected to witness a five-fold rise in property prices in the region. Uttar Pradesh CM Yogi Adityanath had announced a 1,000-acre plot for a film city project which is located about 6 km from the proposed Jewar International Airport.
Singh said that there is a plethora of opportunities linked with the film industry. Benefits worth Rs 25,000 crore are expected to be generated from the Rs 5,000 crore investment. Recently, YEIDA also announced that CBRE, a commercial real estate services and investment firm, would design the blueprint for the flagship project.
One of the biggest benefits reaped from establishing a film city is huge job opportunities. All big projects like the Jewar airport project and film city are expected to multiply the benefits and housing would be needed for all working in the film city, he added.
On September 18, CM Yogi had directed Yamuna Expressway Industrial Development Authority (YEIDA) to submit its proposal to build a Film City to the state government.
The proposed Film City is expected to boost the investment sentiments and property rates across Uttar Pradesh, particularly in the nearby areas like Noida, Greater Noida and Yamuna Expressway. The Residential and commercial real estate segments are also expected to see a spurt in demand with this project and could boost the local economy and its activities by many times in the region.
For instance, real estate prices in the Ayodhya city increased by 25-30 per cent in 2019 when the Supreme Court verdict was announced on Ram Mandir matter and then almost doubled when ‘Bhoomi poojan’ was done in the month of August this year.