YEIDA’s Mega Realty Bonanza!

Torbit - June 23, 2024 - - 0 |

Vinod Behl

The Yamuna Expressway Industrial Development Authority (YEIDA) has chalked up ambitious plans that will bring a bonanza for farmers and the aspirants of residential, commercial, industrial and institutional plots.

As per YEIDA’s plans, the development authority will be coming up with a greenfield city near the  Noida International Airport at Jewar along  the Yamuna Expressway as the upcoming Jewar International airport  has spurred demand for residential , commercial, institutional and other types of land in the region.

YEIDA has earmarked Rs 14000 crore to acquire land and aims to spend around Rs 63500 crore to develop basic civic services including roads, sewer lines, parks, electricity infrastructure for developing the new city over 6000 hectares. The land will be used to develop new residential sectors with complete civic amenities, besides developing industrial cities. Out of the total of 6065 hectares of land, 380 hectares of land to be reclaimed belongs to the government,  while 5685 hectares of remaining land is to be bought  directly from farmers and acquired through land acquisition policy.

Meanwhile decks are cleared for the stalled development of the 6177 acres of land abutting the Greater Noida Expressway which YEIDA had acquired from farmers and given to Jaypee Infratech  on 90-year lease in lieu of Jaypee developing 160-km long Yamuna Expressway from Greater Noida to Agra. This land spread over five  different land parcels located at Gautam Budh Nagar, Aligarh and Agra, was given to Jaypee Group for the development of residential, commercial, institutional, industrial and recreational areas.

Jaypee Group  however could not initiate development in part of Gautam Budh Nagar and Aligarh  as it went bankrupt in 2017.  Last year when things started looking up with  the resolution plan of Suraksha Realty Limited, , YEIDA put a spanner  saying that Suraksha Realty after taking over Jaypee Infra , had not addressed the issue of Rs 1689 crore of additional compensation to be paid to farmers  in line with the land acquisition policy of the Uttar Pradesh government.

But now with the Yamuna Authority announcing to pay around 50 percent or Rs 845 crore of the total outstanding compensation of Rs 1689 crore during the second half of this year, , things are back on track.   Suraksha  has also agreed to pay about 37 percent of its share of the total outstanding compensation amount  due to farmers.NCLT had recently ordered Suraksha to pay about Rs 1334 crore amounting to 79 percent of the total Rs 1689 crore compensation to farmers while the remaining Rs 355 crore was to be paid by the Yamuna Authority. . While the Authority will pay  its share upfront, Suraksha will be initially paying Rs 490 crore and the rest of the amount , according to authorities, will be paid by Suraksha in two instalments of Rs 120 crore each and other two instalments of Rs 302 crore each.

Meanwhile YEIDA has also lined up a new residential scheme near Jewar Airport . This is an affordable housing scheme offering 6000 plots of 30 sq mt size, costing Rs 8 lakh each . The new scheme will also include about 500 residential plots of sizes ranging from 200 sq mts and 4000 sq mts . These will be available at a price of Rs 24000 per sq mt.The residential plots located in sector 17, 18 and 20, will be alloted through a lucky draw in a couple of months.

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