The Yamuna Expressway Industrial Development Authority (YEIDA) plans to spend Rs 14,000 crore in next five years for acquisition of 6,065-hectares land near the upcoming Noida International Airport.
The Authority will use this land bank to develop urban centres, industrial clusters, civic amenities and logistic park near the upcoming facility along Yamuna Expressway to attract investment in the region.
Officials said funds will be arranged from government bodies and through bank financing, and the Authority has also tied up with state-owned Housing and Urban Development Corporation (HUDCO) for the purpose.
The Authority will acquire the required land from 40 villages located in the vicinity of Jewar Airport along Yamuna Expressway.
According to officials, of the total 6,065 hectares, 4,076 hectares will be acquired through land acquisition process and 1,609 hectares will be purchased directly from farmers through mutual agreement while 380 hectares will be reclaimed as it is the government land.
Some of the villages from where the Authority plans to acquire the land include Tappal-Bajna (771 hectares), Tirthali (479 hectares), Karauli Bangar (250 hectares), Rabupura (994 hectares), Muradgarhi (336 hectares), Kallupura (218 hectares), Mayana (252 hectares) and Mudrah (290 hectares), among others.
YEIDA CEO Arun Vir Singh told Moneycontrol that as the Jewar airport is inching towards its completion slowly, the Authority has received a number of proposals from global and domestic investors seeking land to set up their businesses in different segments from manufacturing to logistics and other.
“We need more land to turn these proposals into realty and attract further investment in the catchment area of the upcoming Noida International Airport. Therefore, we had approached HUDCO to arrange funds as a low interest loan,” Singh said.
MOU with HUDCO
Singh said that YEIDA has last week entered into an agreement with HUDCO to arrange funds for land acquisition. Officials said that HUDCO is ready to provide YEIDA with the loan at a minimum interest rate.
As part of the agreement, HUDCO will provide long-term financial assistance in terms of loan towards various YEIDA projects along the Yamuna Expressway, aligning with the Authority’s land acquisition plan. HUDCO will also provide fee-based consultancy services to YEIDA from project conceptualisation to completion at mutually decided terms, officials said.
As part of the MoU, Yamuna Expressway Authority and HUDCO will also develop a habitat centre and a convention centre in the catchment area of the Noida Airport. The habitat centre will be developed on a 25-acre land while the convention centre will come up on 15 acres near the Yamuna Expressway.
Officials said that these two projects will be executed on a public private partnership (PPP) basis in collaboration with NBCC India.
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