Noida: Yamuna authority gets Rs1,000 crore loan to develop infrastructure

YEIDA has to disburse Rs5,600 crore in compensation at 64% hike to farmers for land acquisition

The Yamuna Expressway Industrial Development Authority (YEIDA) has got R1000 crore loan sanctioned from four banks for infrastructure development and to pay hiked land compensation to farmers.

Uttar Pradesh government had directed the YEIDA to pay farmers land compensation enhanced by 64% (HT File)

The four banks—HDFC, Indian Bank, Oriental Bank of Commerce and Canara Bank—have sanctioned the loan.

Meerut divisional commissioner and YEIDA chairman Dr Prabhat Kumar has clarified the loan money will only be withdrawn as and when required for an important project.

“The loan has just been sanction from these banks; we have not taken any loan as of now. We can take this loan as and when needed for infrastructure development or other requirements,” Kumar said.

According to officials, YEIDA has earmarked R600 crore for infrastructure projects and R400 crore will be used to distribute land compensation to farmers at an upwardly revised rate of 64%.

In August 2014, the Uttar Pradesh government had directed the YEIDA to pay farmers land compensation enhanced by 64%. However, the UP government had made it clear that this compensation will be only be given to those farmers who will withdraw their court cases challenging land acquisition. The objective was to make land free from litigation so the authority can allot residential plots.

YEIDA has to disburse Rs5,600 crore in compensation at 64% hike to farmers for land acquisition. The development authority has distributed around R1000 crore till now.

“We will use R400 crore to give to farmers who have agreed to withdraw their cases in the courts. We will have to distribute hiked compensation because we want to take possession of land in sectors 18 and 20. Our aim is to make residential land in sectors 18 and 20 litigation-free and give the land to plot allottees,” said a YEIDA official.