The Yamuna Expressway Industrial Development Authority (YEIDA) will create four new sectors close to the upcoming Noida International Airport in Jewar in 2024 by creating a land bank, officials said.
The land acquisition process is likely to start this month, they said. Of the four new sectors, three will be for mixed land use and one will be residential.
Arun Vir Singh, chief executive officer of YEIDA, said people want to invest and live near the upcoming Jewar airport and in anticipation of this demand, the authority plans to develop the four sectors.
Also Read: Yamuna Expressway Authority may acquire 1,200 hectares more for Noida airport expansion
“Because of the upcoming airport and good connectivity in the region, we are aiming for good investment in the Yamuna Expressway region. We will require land for the same, so we aim to create a land bank of 4,000 to 5,000 hectares by June 2024. Land acquisition will be done in phases and necessary preparations have already begun,” Singh told Moneycontrol.
He said the land bank will be used for residential, warehousing, logistics, electronics and industrial projects, among others. The CEO said the four sectors will be named sector 5 (residential), 6, 7 and 8.
“A proposal in connection with development of new sectors and acquisition of land for the purpose has been sent to the government,” Singh said.
Residential scheme
Another official said the authority has proposed to acquire about 1,100 hectares for the residential sector, where 50 percent of the land would be set aside for 2,000 housing plots and the rest will go towards developing group housing societies, he said.
Also Read: Yamuna Expressway Authority likely to develop new residential sector near Noida Airport
The authority’s recently concluded residential plot scheme received an “overwhelming response” so YEIDA wants to capitalise on its success and plans to float another scheme for residential plots by February, the official said.
YEIDA, which has been tasked with the development of areas in Uttar Pradesh surrounding Yamuna Expressway, has also started working on improving connectivity around the upcoming Noida International Airport and plans to provide direct connectivity between the Yamuna Expressway and Chola Railway Station in Bulandshahr district.
The authority plans to connect Noida International Airport with Greater Noida through a pod taxi service and with Indira Gandhi International Airport in New Delhi via metro and rapid rail services.
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