The Yamuna Expressway industrial development authority has declared that, they are planning to acquire 6,000 hectares of agricultural land in order to develop a city near the Noida International Airport along the Yamuna Expressway.
Yeida has observed that, the demand of residential, commercial, institutional, and other kinds of land has jumped up owing to the newly developed Noida Airport, which is set to start the operation from the end of this year. Yeida has estimated Rs.14,000 crore to acquire 6,065 hectares of land in the next two years.
The chief executive officer of Yeida, Arun Vir Singh mentioned, “We aim to spend around Rs.63,500 crore to develop basic civic services including roads, sewers, parks, and electricity so that the urban centre on 6,000 hectares of land can be developed. We will acquire land from 40 villages through different methods including direct purchase from farmers and also by using the Act 2013.”
Yeida has declared that, they will use the land parcel to develop new sectors, civic amenities, and industrial cities. Out of the total 6,065 hectares of land, 1,609 will be purchased directly from farmers through mutual agreement, 4,076 will be acquired through the land acquisition process and remaining 380 hectares will be reclaimed as this is government land.
According to the Yeida official, they will acquire land parcels from 40 villages. These lands will be used to set up new sectors including 5, 6, 7, 8, 9, 10, and 11, besides acquiring the remaining areas for sectors 22E, 28, 29, 32, 33. The process of acquiring land from four out of six villages is already under process in Sector 10, and the proposals for acquiring land in Tappal-Bajna, and for sectors 5,6, 7 and 8 have been sent to the government.
The state government will acquire lands in sector 10 to construct Five industrial parks, including an electronics manufacturing park.
Fintech City is proposed in Sector 11, while Japanese City will be developed over 395 hectares of land in Sector 5. Yeida has designated Sector 5A for the Japanese city and 365 hectares in Sector 4A will be utilized for the Korean city.
The authority has got around Rs.3,300 crore in interest-free loans so far for carrying out the land acquisition process. The authority has decided to contribute its share from profits earned over the next few years, and the revenue generated from various plot schemes, and loans from banks to complete the land acquisition process.
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