February 26, 2024: The Yamuna Expressway Industrial Development Authority (Yeida) has earmarked two sectors in Gautam Buddha Nagar district for the establishment of Korean and Japanese industrial cities. These sectors are set aside for companies from these countries to establish their industrial offices, with an estimated development cost of Rs 2,544 crore.
The Japanese city will be located in sector 5A of the expressway, covering an area of 395 hectare, while the Korean city will occupy 365 hectare in sector 4A. Residential areas will also be incorporated to accommodate foreign staff, aiming to be self-sufficient by providing housing, schools, hospitals and other essential amenities for Japanese and Korean citizens residing there. The sectors will feature mixed land use, with 70% dedicated to core industry, 13% for commercial purposes, 10% for residential needs and 5% for institutional use, with the remaining 2% for additional facilities.
The upcoming inauguration of the Jewar Airport in Noida, that is around 10 km away from the proposed city sites, is expected to further bolster these projects. The decision to develop these cities was made during meetings with Japanese and Korean investors before the UP Global Investors Summit last year, during which representatives of both countries also visited the industrial sectors.
Yeida has reached out to the state government, seeking an interest-free loan amounting to 50% of the project cost. The state government has already granted approximately Rs 3,300 crore in loans to the authority over two installments. Yeida plans to contribute its share from profits earned over the coming years, revenue generated from plot schemes and loans from banks to complete the land acquisition process.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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