Yamuna E-way authority gets ₹5,000 crore to develop four cities near Jewar airportUpdated: Aug 03, 2020 00:05 IST
GREATER NOIDA: With a sanction of ₹5,000, the Yamuna Expressway industrial development authority (Yeida) is all set to procure land needed to develop four new cities on the periphery of the Noida International Greenfield Airport site at Jewar, along the 165km Yamuna Expressway.
The funds have come from Housing and Urban Development Corporation Limited (HUDCO), a state-owned technical and financing agency, as a loan.
“A lot of investors, both domestic and international, are ready to invest in projects which are interlinked with the airport project. We want to develop a city meant for maintenance, repair and overhaul (MRO) of aircraft, two cities for electronic clusters, and an aviation hub. For these four new cities, we have started preparations on a war footing,” said Arun Vir Singh, chief executive officer of Yeida and Noida international airport Limited (NIAL). The latter is the nodal agency for development of the airport.
The authority has decided to spend the ₹5,000 crore funds on development of drainage and sewage systems, apart from roads and parks, and land acquisition for these four new cities, said officials of Yeida. The authority will procure land and develop it for investors who want to buy land and set up manufacturing units there. As per rules, the Yeida buys agricultural land directly from farmers, develops it and then allots the same to investors or manufacturing units. In total, Yeida will directly buy 3,200 acres of agricultural land from willing farmers and then start development of basic facilities before floating the plot scheme.
“HUDCO has given us three years’ time to utilise the ₹5,000 crore on developing these four projects in the agreement that we together signed on July 30. We aim to begin the procurement of land in a month from now,” said Singh.
The Yeida has made detailed project reports of these four projects and also made drawings. It has sent the project details to the National Capital Region Planning Board (NCRPB) that is likely to approve the same and make necessary changes in the master plan meant for NCR.
“We hope NCRPB gives its approval in a month paving the way for the land purchase,” said Singh. These four cities are planned in sectors 7, 8, 30 and 31.
“These four ambitious projects will create huge job opportunities to professionals and boost growth in this region,” said Singh.
The work on ₹30,000 crore airport project will begin onsite once the Covid-19 pandemic is over and air travel restrictions are eased, as the state government is likely to complete legal formalities with Switzerland-based company Zurich International Airport AG that will develop the airport. The Yeida wants to start the development of urban zones in this region so that the catchment area of the airport is developed well on time.