Noida: Work on the proposed Film City in Gautam Buddh Nagar is progressing well with financial institutions coming forward to fund the project.
The project is moving at a good pace ever since it was announced by Uttar Pradesh Chief Minister Yogi Adityanath on September 18.
After the land was identified for the country's "biggest" and "most beautiful" film city in the district bordering Delhi, necessary paperwork and other arrangements were also expedited to commence the construction.
The ambitious project, which was renamed last week as Infotainment City considering the increased influence and usage of digital media across various domains, would require rupees 70 to 80 thousand crores to be built.
Housing and Urban Development Corporation (HUDCO) and HDFC bank have already promised financial help and loans for the film city.
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Speaking to ETV Bharat here, CEO of Yamuna Expressway Industrial Development Authority (YEIDA) Dr Arunveer Singh said that work is progressing well with the banks and other financial institutions coming forward to help.
He said the money would be used for land acquisition and infrastructure building and the HUDCO has promised to give rupees four thousand crore while HDFC bank would give rupees one thousand crore in instalments.
The bank has already given 325 crore rupees in the first instalment.
On how much funds would be invested to develop the entire project, the YEIDA chief said it depends on the financial model that the government comes up with.
The project will be set up in 1,000 acres of land along the Yamuna Expressway, near Noida.
