Yeida prohibits selling plots in Medical Device Park for 10 years - Hindustan Times
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Yeida prohibits selling plots in Medical Device Park for 10 years

By, Greater Noida
Jul 08, 2024 05:26 AM IST

Yeida took this decision after observing that property dealers were purchasing plots without setting up industrial units

The Yamuna Expressway Industrial Development Authority (Yeida) has mandated that plot owners in the Medical Device Park project must utilise their plots for at least ten years before selling them, officials said. This period starts from the date of allotment, they added .

The central government had approved the Medical Device Park on 350 acres at the Yamuna Expressway in January 2022 under the “Promotion of Medical Device Park” scheme. (HT Photo)
The central government had approved the Medical Device Park on 350 acres at the Yamuna Expressway in January 2022 under the “Promotion of Medical Device Park” scheme. (HT Photo)

Yeida made this decision after observing that property dealers were purchasing plots without setting up industrial units. The plots are intended for experienced companies to build industrial units, manufacture products, create jobs, and boost the local economy, said Arun Vir Singh, CEO of Yeida.

“We noticed that plots were being bought not for development but to wait for a rate hike and then sell. This practice hinders growth in the region near the airport. Therefore, we decided to prohibit the sale of plots for ten years from allotment,” said Singh.

According to officials, the restriction was decided during Yeida’s 81st board meeting on June 26. On July 22, 2022, Yeida allotted 37 plots to successful applicants via a lucky draw for the Medical Device Park project. Of the 173 applicants, 11 companies received 1,000 square meter plots, 21 firms got 2,100 sqm plots, and five were allotted 4,000 sqm plots. However, only 39 firms, engaged in manufacturing medical machines or equipment, were deemed financially and technically eligible by Yeida’s technical team.

“Many plot owners were selling their plots at a premium instead of establishing units to manufacture medical equipment. This goes against the scheme’s purpose of providing affordable land. Now, we are launching a fresh scheme and want to ensure that serious companies interested in setting up units purchase the plots,” said Singh.

Yeida’s new scheme will offer at least 27 plots in the Sector 28 Medical Device Park, likely measuring between 1,000 and 2,100 sqm. The central government had approved the Medical Device Park on 350 acres at the Yamuna Expressway in January 2022 under the “Promotion of Medical Device Park” scheme, officials said, adding, it is India’s first such park, located in Sector 28 near Noida International Airport at Jewar.

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