UP govt approves ₹1,780 crore for land acquisition
The government has asked Yeida to contribute an equal amount and acquire 3,000 acres in the ongoing financial year 2023-24
The Uttar Pradesh government on Friday approved ₹1,780 crore to the Yamuna Expressway Industrial Development Authority (Yeida) to acquire agricultural land for industrial development in the region around the upcoming Noida international airport in Jewar, along the Yamuna Expressway.
The state government will release the funds shortly so that the authority could develop industrial areas, allot land to investors for setting up units and create business opportunities in the Yamuna Expressway region.
The government has asked Yeida to contribute an equal amount and acquire 3,000 acres in the ongoing financial year 2023-24 so that land for various industrial projects can be made available to interested investors, who want to set up projects in the region, said officials.
Officials said the fund of ₹1,780 crore has been allotted to Yeida as an interest-free loan for 25 years and the authority has to return this fund within that period.
“We will acquire the land for projects such as the Logistics Park in Tappal Bajna, the Medical Devices Park in Sector 28 near Rabupura, and various other industrial parks. The authority will need to repay this interest-free loan over the next 25 years,” said Arun Vir Singh, chief executive officer, Yeida.
On September 26, 2023,Yeida wrote to the Uttar Pradesh government requesting them to provide interest-free loan so that it can pay the money to farmers and acquire agricultural land for industrial projects proposed in the region, around the upcoming Noida International airport.
On august 2, 2023, the state government has issued an order informing all industrial bodies that they can seek interest-free loan for 25 years for important industrial projects on the condition that 50% of funds for such projects would be arranged by them from their own resources.
“As ₹1,780 crore has been released by the government, we will arrange the remaining 50% funds on our own to acquire land for our projects. The government also has a condition that this fund will have to be used only for the purpose for which it has been approved,” said Singh.
The Yeida will use this fund for acquiring land for the Logistics hub in Tappal, warehousing projects in Bajna, Medical Devices Park in Sector 28, medium small micro enterprise units in Sector 7 and 10, Handicrafts Park in Sector 29, Apparel Park in Sector 32 and other projects.
“According to the rules, we have decided to arrange 50% funds from government sector banks so that we can start the process of acquiring land for different industrial projects proposed under the Master Plan 2031. Once the land is acquired, we will start developing basic services such as roads, parks, drainage, sewer lines, electricity supply lines and others before allotting the land to those who want to set up industrial units,” said Singh.
The Yeida wants to acquire the land without any delay as there is a huge demand for all kinds of land, including residential, industrial, institutional, mixed-land use and commercial around the airport project.
“Acquiring land for industrial projects in advance is also crucial because as per the new state government directive the authorities cannot allot the land to needy investors without having the physical possession of the land with them. In the past, the authority used to allot the land without having physical possession of it. But that led to trouble as several allottees are still suffering because farmers and the authority are locked in court disputes over land,” said Rishabh Nigam, president, Yamuna Entrepreneurs Association.