The Yamuna Expressway Industrial Development Authority (YEIDA) will develop a new city near upcoming Noida International Airport, and it has decided to acquire around 6,065 hectares of agricultural land for the purpose, officials aware of the matter said.
YEIDA officials said that the move comes after increasing demand for residential, commercial, industrial, and institutional sectors in areas around the upcoming airport.
As per the proposal, officials said, the authority plans to acquire land from 40 nearby villages in the next two years and it aims to spend over Rs 63,000 crore to develop urban infrastructure in the region. It has set aside a budget of Rs 14,000 crore for the acquisition of land for the purpose.
Also Read: Yamuna Expressway Authority brings back group housing scheme: All you need to know
A senior YEIDA official said that the Yamuna Expressway Authority will acquire the land from 40 villages including Tappal-Bajna (771 hectares), Karauli Bangar (250 hectares), Muradgarhi (336 hectares), Rabupura (994 hectares), Tirthali (479 hectares), Mayana (252 hectares), Kallupura (218 hectares), and Mudrah (290 hectares), among others.
“Investors from India and abroad have shown immense interest in for investment in areas located around upcoming Noida International Airport in Jewar. So we plan to develop urban centres, logistic parks around the Jewar airport. The Authority aims to spend around Rs 63,500 crore to develop civic amenities such as parks, roads, sewers, electricity, drains among others so that the urban centre on 6,065 hectares of land can be built. The aforesaid land will be acquired in a time span of next two years,” the YEIDA official said requesting anonymity.
Land acquired will be used to set up new urban centre having sectors including 5, 6, 7, 8, 9, 10, and 11, development of civic amenities, and industrial clusters, the official said.
YEIDA officials said that out of the total 6,065 hectares of land, 4,076 hectares will be acquired through the land acquisition process, 1,609 hectares will be purchased directly from farmers through mutual agreement and 380 hectares will be reclaimed as this is government land.
They added that urban centres such as Fintech City, Japanese City, Korean City, among others will come up on this land. Fintech City is proposed in Sector 11, while Japanese City is to be developed in Sector 5A and Sector 4A has been earmarked for the development of Korean city. The authority needs around 395 hectares of land for Japanese City and 365 hectares for the Korean city.
Besides, the Yamuna Expressway Authority has also started preparations to acquire over 600 hectares of land to develop five industrial parks including an EV Park, plastic processing park, footwear park, handicrafts park and a transport hub. These industrial parks will come up in Sector 10 near Noida Airport along the Yamuna Expressway.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
