In distributed video coding (DVC), the decoder has considerably high computational complexity as compared to the encoder. The side information plays a crucial role in the successful reconstruction of the Wyner-Ziv frame. However, the side information generation process puts a substantial decoding delay due to its high computational complexity. Phase-Based Interpolation (PBI) is introduced in this work for side information generation. The simulated results on different test videos show that the PBI computational complexity remains low for all kinds of videos. It performs 2.5 to 2.7 times faster than motion-compensated temporal Interpolation (MCTI) with an average acceptable loss of 4.5-5.1 dB in PSNR and 0.09-0.11 dB in SSIM while preserving the structure and sharpness in interpolated frames. © 2020 IEEE.