Yeida is going to buy 6,000 hectares of land for development

By Bricksnwall | 2024-05-27

In order to expand the urban center, Yeida plans to invest over ₹63,500 crore in basic civic amenities like parks, roads, sewage, and electricity.

According to persons familiar with the situation, the Yamuna Motorway Industrial Development Authority (Yeida) has chosen to purchase 6,000 hectares of agricultural land in order to build a metropolis close to the Noida International Airport. According to Yeida, the impending opening of the Noida airport by the end of 2024 has raised demand for residential, commercial, institutional, and other types of land.

Our goal is to invest approximately ₹63,500 crore in the construction of fundamental civic amenities like as parks, roads, sewerage, and electricity, enabling the development of the 6,000-acre urban centre.Arun Vir Singh, the CEO of Yeida, said "We will purchase land from 40 villages using various methods, including direct purchase from farmers and also by using the Act 2013."

According to Yeida, the area would be used to establish industrial communities, new industries, and public facilities. 380 hectares of the 6,065 hectares of land will be reclaimed since they are government land, 4,076 hectares will be obtained through the land acquisition process, and 1,609 hectares will be bought directly from farmers by mutual agreement.

In addition to Rabupura (994 hectares), Tirthali (479 hectares), Karauli Bangar (250 hectares), Muradgarhi (336 hectares), Tappal-Bajna (771 hectares), Mudrah (290 hectares), and Kallupura (218 hectares), Yeida would also purchase land from 40 other communities.

In addition to purchasing the remaining lands for sectors 22E, 28, 29, 32, and 33, the land will be utilised to establish additional sectors 5, 6, 7, 8, 9, 10, and 11.

In addition, 528 hectares in two villages—Dorpuri and Syarol—will be purchased for a logistic park, and 712 hectares for the Tappal-Bajna Urban Centre. Proposals for land acquisition in Tappal-Bajna, sectors 5, 6, 7, and 8, as well as in four of the six villages where the process of acquiring land is currently underway in Sector 10, have been forwarded to the government, according to Yeida authorities.

In March, a notification was released by the state government to procure land for the development of Industrial Sector 10. Here, five industrial parks will be built, one of which will include an electronics manufacturing facility.

Sector 5 will see the development of a Japanese City, while Sector 11 is suggested for Fintech City. The Japanese city is located in Sector 5A, and the Korean city is located in Sector 4A, according to Yeida. It will be necessary to purchase 395 hectares of land for the Japanese city and 365 hectares for the Korean metropolis.

To date, the authority has secured interest-free loans totaling approximately ₹3,300 crore to facilitate the land acquisition process. In order to complete the land acquisition process, Yeida has chosen to contribute its portion of revenues over the next few years, revenue from other plot plans, and bank loans.

Source:  Hindustan Times