Yamuna Expressway Industrial Development Authority (YEIDA) on Monday (20) nearly doubled the proposed allocation for the upcoming Noida International Airport in Jewar by allocating Rs 805 crore in financial year 2023-24, stated recent reports.
Allocated funds will reportedly be used for acquisition of land for Phase 2 and Phase 3 of the airport, and other infrastructure development around the facility.
During YEIDA’s 76th board meeting, ₹1,395 crore has been allotted for development of various infrastructure projects, ₹805 crore for the Noida greenfield airport, ₹500 crore for pod taxi and Metro in its budget for the financial year 2023-24.
Overall, the authority approved a total budget of Rs 5,624.85 crore for 2023-24- 23 percent higher than the previous fiscal’s budget of Rs 4,528.65 crore.
As many as 1,365 hectares of land will be acquired in the second phase. A Social Impact Assessment (SIA) study is underway for Phase 2 of the acquisition, the official said. About 500 metre area around industrial sectors located near Jewar, Noida International Airport, and in sectors 21, 28, 29, 33, 10 and 09, will also be acquired through mutual agreement.
This land will be used for the peripheral road for upcoming Noida International Airport and will ensure that no unauthorised development takes place around the aviation hub.
In the Jewar airport project, the Yamuna Expressway Industrial Development Authority (YEIDA) and Greater Noida Industrial Development Authority (GNIDA) have 12.5 percent stake each. The Noida Authority and the state government have 37.5 percent shares each.
The YEIDA, which functions under the Uttar Pradesh government’s industrial development ministry, manages land along the 165-km-long Yamuna Expressway. The first phase of the airport is scheduled to be completed by September 2024.
YEIDA has also revised the land rates across all categories ― residential, group housing, commercial, industrial, and institutional, among others, reports stated.
Rates have reportedly been increased by around 30-35 percent. In the residential category, the hike has been of 32 percent while the land rates for the group housing scheme also saw an increase of 32.8 percent to Rs 30,750 per sqm from the earlier Rs 23,140 per sqm.
The Authority has revised the rates of commercial land parcels by 29.47 percent. For commercial plots having FAR above 2, the increase is 28.47 percent. The rates for industrial land parcels have been increased by 40 percent from Rs 9,668 per sqm to Rs 13,542 per sqm, stated reports.