GREATER NOIDA: The Yamuna Expressway Industrial Development Authority (Yeida) has invited bids to engage an independent engineering agency and empanel five chartered accountant (CA) firms for technical and financial supervision of the International Film City project proposed along the Yamuna expressway in Sector 21, officials said on Friday.
Shailendra Bhatia, additional chief executive officer of Yeida, said on Friday: “Yeida has issued a request for proposal (RFP) to finalise an agency to act as independent engineer for the project for three years. The independent engineer will be responsible for monitoring and certifying various stages of planning, design and construction in line with the concession agreement signed between the authority and the developer on June 27, 2024.”
Another Yeida official, requesting anonymity, said: “The auditors will examine audited and unaudited accounts of the concessionaire, certify revenue and expenditure statements, and verify financial claims submitted to the authority under the concession framework. The project is being developed under a public-private partnership (PPP) model on a design, build, finance, operate and transfer (DBFOT) basis.”
The concessionaire for the project is Bayview Bhutani Film City Private Limited, led by filmmaker Boney Kapoor in partnership with the Bhutani Group.
The project has been proposed following the development of the Noida International Airport at Jewar, which is expected to drive growth in the Yamuna Expressway region. In consultation with the UP government, Yeida has identified a land parcel of 1,000 acres in Sector 21 for the project, said officials.
As per the detailed project report (DPR), the estimated cost of Phase-I of the Film City is approximately ₹1,510 crore, spread over an overall development period of eight years
Officials said the independent engineer will play a central role during the development and construction period. The scope of work includes reviewing and certifying surveys, master plans, development plans, architectural and structural drawings, construction methodologies, quality assurance plans, health and safety plans, cost estimates and construction schedules submitted by the concessionaire. The agency will also monitor project progress against approved milestones and certify compliance with specifications and standards laid down in the concession agreement, said officials of Yeida working on the RFP.
During the development period, the independent engineer will carry out a detailed review of drawings and supporting documents, including geotechnical and hydrological investigations, topographical surveys, traffic studies and material specifications, said officials.
The consultancy team proposed under the RFP has been divided into two parts: a core and support team, and an experts’ team. The core team will include professionals from disciplines such as civil, mechanical, electrical, planning, architecture, monitoring and reporting, quality assurance, and health and safety. This team will be permanently based at the project office for the entire duration of the consultancy, said officials.
The experts’ team will comprise specialists in structural engineering, geotechnical engineering, traffic and transportation, public health engineering, environment and legal matters related to PPP projects, said officials.
On the financial side, the empanelled chartered accountant firms will audit the concessionaire’s books of accounts, which are required to record all receipts, revenues, expenditures, assets and liabilities related to the project. The auditors will certify annual and quarterly financial statements, verify gross revenue and other income streams, and validate claims submitted by the concessionaire for payments or adjustments under the concession agreement, said officials.
The Phase I of the Film CIty project covers around 230 acres, for which the development rights have already been awarded to the concessionaire. The land earmarked for the project has a mix of commercial and industrial land use, said officials.
Phase I of the development is required to include core facilities such as filming infrastructure and a film institute, which form mandatory components of the project under the concession agreement, said officials.
Under the agreement, the concessionaire is obligated to develop filming facilities, including studios and related infrastructure, and establish a film institute as part of the project facilities. In addition to these mandatory components, the developer has the option to develop other assets such as amusement parks, hospitality projects, retail areas, serviced villas, commercial office spaces and food-and-beverage-focused retail developments. An indicative list of such optional components has been provided in Schedule F of the concession agreement, said officials.