The Yamuna Expressway Industrial Development Authority (YEIDA) is set to establish four new sectors near the upcoming Noida International Airport in Jewar, intending to build a land bank for development purposes, officials revealed.
According to authorities, the process of land acquisition is expected to commence this month. Among these four new sectors, three will cater to mixed land use, while one will be exclusively designated for residential purposes.
Arun Vir Singh, the CEO of YEIDA, highlighted the growing interest among people to invest and reside near the upcoming Jewar airport. Anticipating this surge in demand, the authority plans to initiate the development of these sectors.
“Due to the promising prospects of the upcoming airport and the region’s excellent connectivity, we foresee substantial investment potential in the Yamuna Expressway area. Consequently, we aim to establish a land bank of 4,000 to 5,000 hectares by June 2024 to fulfill this demand,” Singh stated in an interview with Moneycontrol.
Singh outlined the proposed usage of the land bank, mentioning its utilization for residential purposes, warehousing, logistics, electronics, and industrial projects, among others. The four sectors are to be named as sector 5 (dedicated to residential purposes), 6, 7, and 8.
Singh further revealed that a formal proposal regarding the development of these new sectors and the land acquisition process has been submitted to the government for approval.
An official familiar with the matter disclosed that YEIDA aims to acquire approximately 1,100 hectares for the residential sector. This area will allocate 50 percent of its land for 2,000 housing plots, while the remaining space will be utilized for constructing group housing societies.
Citing the overwhelming response received for YEIDA’s recently concluded residential plot scheme, the official highlighted the authority’s plan to introduce another scheme for residential plots by February.
YEIDA, responsible for developing areas around Uttar Pradesh’s Yamuna Expressway, has initiated efforts to enhance connectivity around the upcoming Noida International Airport. Plans include facilitating direct connectivity between the Yamuna Expressway and Chola Railway Station in Bulandshahr district.
Additionally, the authority is strategizing to connect the Noida International Airport with Greater Noida through a pod taxi service and establish connectivity with Indira Gandhi International Airport in New Delhi through metro and rapid rail services.