logo
In Boney Kapoor's Film City project, red flags show up before muhurat shot

In Boney Kapoor's Film City project, red flags show up before muhurat shot

Time of India3 days ago

Noida: Even before construction starts, Film City's troubles don't seem to end.
It took a long time to find a developer for one of the Yogi govt's pet projects after global contracts failed to draw bidders.
Eventually, a consortium led by producer Boney Kapoor, who is in partnership with the Bhutani Group, bagged it.
Kapoor last week submitted his first layout, which has drawn multiple objections from govt.
The primary concern is the alteration of designated green areas, originally meant for parks, playgrounds and multi-purpose open spaces. The developers have proposed to construct film studios with accommodation and related facilities on this land.
CEO Arun Vir Singh told TOI that as per the land use plan approved by UP govt, 15% of the total project area—the first phase of the project is being developed on 230 acres in Sector 21—must be a green zone. "Right now, the layout is not in accordance with the sanctioned land use. Green areas have not been shown properly and are fragmented," he said.
Officials said there was a lack of clarity on the green belt in the plan. Instead of consolidated and clearly marked zones, green areas have been shown only along roads on the map, they said.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Trading CFD dengan Teknologi dan Kecepatan Lebih Baik
IC Markets
Mendaftar
Undo
The draft also includes several commercial buildings, like hotels and warehouses, within the industrial zone, which violates approved land use guidelines. The consortium has also failed to submit the mandatory no-objection certificate (NOC) from the fire department and a structural stability certificate.
The approved land use plan for the first phase of the project allocates 155 acres for industrial purposes, including a film institute on 21 acres, and film-related infrastructure, like studios and production units, on 134 acres.
The remaining 75 acres are meant for commercial development, but only at a later stage.
Yamuna Expressway Industrial Development Authority (YEIDA) officials, who met Boney Kapoor and Bhutani Group CEO Ashish Bhutani on Monday to discuss objections to the draft plan, said the company has now been asked to revise and resubmit a phase-wise development plan.
"Only Phase 1, covering the industrial area, will be considered for approval right now.
The remaining Phases 2 and 3 must also be shown clearly in the updated map," Singh said.
Another senior official told TOI that no permission would be granted for commercial complexes, such as malls, hotels or resorts, unless the developer completed at least 15% of the core film-related facilities.
Kapoor, soon after meeting YEIDA officials, had announced that the Film City's groundbreaking ceremony would be held before June 30.
He also said the core infrastructure, which includes film studios and a film institute, would be developed in the first three years and the rest as per the concession agreement.
"The development of the Film City will begin with core infrastructure—including film studios and a film institute—which must be completed within three years. Once we achieve a certain level of construction of the film studios and institute, commercial development may start with YEIDA's permission," Kapoor said.
Downplaying the objections flagged by YEIDA, Ashish Bhutani said, "There has been no change in the green area, and it is intact as per the approved plan. As far as the NOC and structural stability certificate are concerned, they will be submitted to YEIDA when we seek approval for the building plans."
Bhutani said they had already rectified the issues raised by the Authority and resubmitted the plan. "We are hopeful of getting the layout sanctioned by the end of this week," he added.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

First Mahindra, now Uber! Noida airport's got your ride covered
First Mahindra, now Uber! Noida airport's got your ride covered

Time of India

time4 hours ago

  • Time of India

First Mahindra, now Uber! Noida airport's got your ride covered

Noida International Airport (NIA) has tied up with Uber India to provide last-mile connectivity for air passengers, The Times of India reported. The move comes close on the heels of the airport's collaboration with Mahindra Mobility to launch its dedicated airport taxi service . As per the agreement, Uber will set up designated pick-up zones at the airport terminal, complete with wayfinding signage and on-ground staff to guide arriving passengers. 'Passengers will be guided from their arrival gates to these designated Uber zones, where driver-partners will have exclusive parking spaces to ensure reduced waiting times,' a senior airport official told ToI. Located around 60 km from Noida city and nearly 40 km from Pari Chowk, the upcoming airport in Jewar faces significant last-mile connectivity challenges. While inauguration is expected in the coming months, proposed mass transit solutions such as metro and rapid rail links are still in the planning or early development stages, ToI noted. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo NIA CEO Christoph Schnellmann highlighted the importance of seamless connectivity. 'Our goal is to make every part of the passenger journey efficient and comfortable — door to door,' he said. Uber India's Arnab Kumar, director of business development for India and South Asia, said the collaboration was aimed at providing reliable and hassle-free transit from the airport. 'Our partnership reflects our commitment to ensuring smooth and comfortable last-mile connectivity, backed by dedicated on-ground support and an effortless booking experience via the Uber app,' he said. Live Events Beyond tie-ups with private mobility providers, ToI reported that NIA is working with local authorities to strengthen public transport links . An SPV comprising the Noida, Greater Noida, and Yamuna Expressway authorities is set to introduce a city bus service with routes connecting various points in Gautam Budh Nagar to the airport. In addition, Haryana Roadways will operate direct buses to major NCR cities including Gurgaon, Faridabad, Palwal, Hisar, Panipat, and Chandigarh once commercial operations begin. NIA has also secured agreements with the Uttarakhand Transport Corporation to run AC buses to popular destinations such as Dehradun, Haridwar, Rishikesh, and Haldwani. UP Roadways will extend connectivity to 17 districts in western Uttar Pradesh, including Agra, Mathura, Meerut, and Aligarh. 'We are in the process of more collaborations with government agencies and stakeholders to improve both private vehicle access and public transportation options,' an official told ToI.

Street vendors to get credit cards, bigger loans
Street vendors to get credit cards, bigger loans

Time of India

time6 hours ago

  • Time of India

Street vendors to get credit cards, bigger loans

The PM SVANidhi scheme is being revamped to provide street vendors with higher subsidised loans and credit cards with a limit of Rs 30,000, facilitated by banks, ToI reported on May 30. The revamped scheme, which will soon be presented to the Cabinet for approval, aims to extend subsidised loans to street vendors from rural areas migrating to cities. This initiative builds upon the success of the original scheme launched in 2020, which provided respite from high-interest informal sector loans to over 68 lakh street vendors, ToI's report (by Dipak K Das) said. The revamped PM SVANidhi scheme is set to offer enhanced financial support to street vendors. Banks are coming on board to provide credit cards with a limit of Rs 30,000. These credit cards will be issued to street vendors who have successfully repaid the initial three tranches of subsidised loans, which were Rs 10,000, Rs 20,000, and Rs 50,000. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo The scheme's expansion includes extending subsidised loans to street vendors from rural areas who move to cities for their livelihood. Sources indicate that an additional Rs 10,000 will be included as part of the enhanced loan amount. The credit card facility is designed to provide street vendors with better credit ratings access to more rolling capital for their businesses. The repayment norms for these credit cards will be determined by the banks. In her Budget speech, FM Nirmala Sitharaman highlighted the impact of the original scheme. Live Events "Building on this success, the scheme will be revamped with enhanced loans from banks, UPI-linked credit cards with Rs 30,000 limit and capacity building support," she added. The original PM SVANidhi scheme was launched in 2020 during the Covid-19 pandemic. It aimed to provide financial relief to street vendors who were often reliant on high-interest informal sector loans. The scheme has already benefited more than 68 lakh street vendors. The revamped scheme seeks to build upon this foundation by offering increased loan amounts and access to formal credit through UPI-linked credit cards. This initiative is expected to provide street vendors with greater financial stability and opportunities for business growth. The involvement of banks in the scheme is crucial for ensuring its effective implementation and outreach. The provision of credit cards will enable street vendors to manage their working capital more efficiently. The credit card facility will allow street vendors with a better credit rating to have access to more rolling capital for business, with the repayment norms being decided by banks. This access to formal credit can help them reduce their dependence on informal sources of financing, which often come with exorbitant interest rates. The inclusion of rural street vendors in the revamped scheme is a significant step towards ensuring that the benefits of the program reach a wider population. Street vendors who migrate from rural areas to cities often face unique challenges in accessing financial services. By extending the scheme to this group, the government aims to provide them with the support they need to establish and grow their businesses in urban areas.

RBI has a plan to keep India's foreign exchange reserves safe from external shocks
RBI has a plan to keep India's foreign exchange reserves safe from external shocks

Time of India

time6 hours ago

  • Time of India

RBI has a plan to keep India's foreign exchange reserves safe from external shocks

The Reserve Bank of India is bolstering its defences against geopolitical risks by diversifying its foreign exchange reserves across currencies and asset classes. This strategic move aims to shield the Indian economy from external shocks, particularly concerning the potential weaponisation of reserves. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Reserve Bank of India RBI ) is fortifying its foreign exchange reserves against geopolitical risks by diversifying its assets across currencies, asset classes, and jurisdictions, even as its balance sheet grew by 8.2 per cent to Rs 76 lakh crore in move comes as the central bank addresses concerns over the "weaponisation of reserves", ToI reported on May 30 based on the central bank's annual report released a day earlier. The RBI is aiming to insulate the Indian economy from external shocks, while also focusing on domestic data protection through the development of its own cloud services and promoting the international use of the RBI projects the Indian economy to grow at 6.5 per cent in 2025-26 with an inflation target of 4 per is actively working to build "immunity" into its foreign exchange reserves, which constitute over 74 per cent of its assets. The central bank is concerned about the increasing use of financial sanctions to freeze or restrict a country's foreign-held assets during geopolitical conflicts, a phenomenon it terms the "weaponisation of reserves".The increasing frequency of such measures has prompted central banks, including India's, to reassess the structure, diversification, and safeguarding of their external mitigate these risks, the RBI is prioritising diversification, which it considers the "most critical" approach to ensuring safety, liquidity, and return. This strategy involves spreading investments across various asset classes, currencies, and a significant portion of India's foreign exchange reserves is held in dollar assets, particularly US to RBI, diversification remains the most important way to manage risks linked to global conflict and financial market the past year, India's forex reserves grew by 3.4 per cent to $668 billion, following an 11.7 per cent rise the year annual report for FY25 highlights ongoing efforts to insulate the economy from the vagaries of external central bank expects the Indian economy to grow by 6.5 per cent in 2025-26, maintaining its position as the fastest-growing major economy. Inflation is projected at 4 per RBI flagged uncertainty arising from changes in global trade and tariff policies, it said India's trade deficit remains safeguard domestic financial data, which has been targeted by cyberattacks, the RBI plans to launch its own cloud services in 2025-26 through phase I of the Indian Financial Services (IFS) Cloud.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store