March 13, 2024: The Yamuna Expressway Industrial Development Authority (YEIDA) has announced a budget of Rs 9,957 crore for fiscal 2024-25, with major allocations for upcoming Noida Airport and rapid rail projects and land acquisition, according to media reports. Around 60% of the funds, Rs 6,063 crore has been earmarked for land acquisition. The upcoming Noida International Project at Jewar has received an allocation of Rs 702 crore while the Rapid Rail has received an allocation of Rs 300 crore. Development and construction has been allocated Rs 1,948 crore.
Noida Airport expansion
YEIDA has planned connectivity between the airport and Delhi through Ghaziabad via the RRTS rail system. The authority is a 12.5% stakeholder in the upcoming Noida Airport project.
To bolster the construction and land acquisition process, the Uttar Pradesh government allocated Rs 1,150 crore for the upcoming Noida International Airport in its 2024-25 Budget.
Phase one of the airport project is underway. It is scheduled to open for commercial operations by the end of 2024. A total of 230 acre will be developed, which will include 75 acre (33%) of commercial and 155 acre (67%) of industrial area. The Yamuna International Airport Private Limited, a fully-owned subsidiary of Swiss firm Zurich Airport International AG, is developing the project.
Land acquisition
YEIDA is responsible for managing land along the 165-km-long Yamuna Expressway from Greater Noida to Agra. It has also announced an increase of 5.41% in the cost of land in its area. Around 60% of the total budget has been allotted to land acquisition. The authority plans to develop manufacturing clusters for electric vehicles (EVs), Data Parks and semiconductors, among other specialised companies, YEIDA officials said, as cited in reports.
According to an Indian Express report, YEIDA said it has planned to acquire around 3,700 hectare of land in two years to create a land bank for different investors, FDI and other schemes. YEIDA said it will get receipts of Rs 9,992 crore during FY 2024-25, mostly from the sale/allocation of its assets, as per the report.
The authority also increased allocation/bidding rates of different assets (commercial, residential, group housing and industrial) by around 5%. Earlier, the rate of allocation for residential assets was Rs 24,600 per square metre (sqm). It has now been increased to Rs 25,900 per sqm. Similarly, in group housing, the rate has been increased to Rs 32,375 per sqm from Rs 30,750 per sqm. For industrial assets, the new rate varies from Rs 8,670 per sqm to Rs 14,240 in different areas.
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