The Uttar Pradesh government has approved an interest-free loan of INR 1,779 crore for the Yamuna Expressway Industrial Development Authority (YEIDA), aimed at facilitating the acquisition of over 1,220 hectares of land for various industrial projects.
The allocated land includes key areas such as the proposed logistics park in Tappal-Bajna Urban Centre, an electronic manufacturing cluster in Sector 10, and four other industrial parks off the expressway and near the Noida International Airport. YEIDA, contributing an equal amount, plays a central role in expediting the land acquisition process.
The estimated cost for acquiring the designated land for these ambitious projects totals around INR 3,558 crore. In a collaborative effort, the state government commits to providing 50% of the land cost through an interest-free loan. Simultaneously, YEIDA plans to cover the remaining 50% through a combination of financial institutions and its internal resources.
The Authority commits to repaying the state loan over 25 years, demonstrating a prudent and sustainable financial strategy. Arun Vir Singh, CEO of YEIDA, affirmed, “The Authority is poised to repay the state loan by contributing its share from profits, revenue generated from various plot schemes, and secured bank loans over the next two years.”
Officials have meticulously outlined the allocation of funds, providing transparency on the intended use of the financial support. A substantial portion, amounting to INR 968 crore, is earmarked for acquiring 312 hectares of land in Sector 10, dedicated to establishing an electronic manufacturing cluster.
A further INR 877 crore will be directed towards acquiring 283 hectares in Sector 7 for the development of a warehouse and logistics park. Sector 28 is set to witness a medical devices park, with an allocation of INR 600 crore for the acquisition of the remaining 193 hectares.
In an inclusive approach towards holistic development, INR 802 crore is designated for acquiring 259 hectares in Sectors 29 and 32. These sectors are earmarked for handicraft, MSME, and apparel parks. Additionally, a logistics park in Tappal-Bajna Urban Centre will cover 172.5 hectares with an estimated cost of INR 310 crore.
The allocated funds will not only cover land compensation but also ensure an additional 64.7% compensation to the farmers affected by the land acquisition. Importantly, YEIDA is concurrently overseeing other substantial infrastructure and connectivity projects, including Film City, Pod taxi, and rapid rail.
The UP government’s grant of the interest-free loan falls under the CM Industrial Area Expansion and Incentive Scheme, reflecting the state’s commitment to fostering industrial growth and development within the region.
So, the collaboration between the UP government and YEIDA marks a significant stride towards realizing the envisioned industrial landscape. The transparent allocation of funds and strategic land acquisition plans position these projects for success, underscoring the commitment to balanced and sustainable development in Uttar Pradesh.