Arun Vir Singh, CEO of the Yamuna Expressway Industrial Development Authority (YEIDA), has recently stated that with the UP government’s flagship project ‘Noida Film City’, the realty segment of the region is expected to witness a five-fold hike in its property prices. 6 km away from the proposed Jewar International Airport, a 1,000-acre plot for the film city project was allocated by Uttar Pradesh CM Yogi Adityanath.
Vir Singh stated that there are numerous opportunities connected with the upcoming film industry. Rs 5,000 crore investment is capable enough to draw the benefits worth Rs 25,000 crore. A plethora of job opportunities would also be generated after the establishment of the film city.
In the recent days, YEIDA announced that Coldwell Banker Richard Ellis (CBRE), a commercial real estate services and investment firm will be designing the roadmap for the proposed film city project.
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.
In the month of September, Yogi had directed YEIDA to submit their proposal for building a Film City to the state government. It is expected that the proposed Film City project would boost the investment sentiments and property rates across the state, majorly in the nearby areas like Noida, Greater Noida and Yamuna Expressway. Both, the Residential and commercial real estate segments are hopeful to see a surge in demand with this project and it would uplift the local economy and its activities by many folds across the city.
These projects are of prime importance for states as they are capable of drawing enough benefits. For instance, the property rates in the Ayodhya city hiked by 25-30 per cent in 2019 when the Hon’ble Supreme Court announced the verdict of Ram Mandir and in the month of August this year, prices almost doubled when ‘Bhoomi poojan’ was done by Prime Minister Narendra Modi.