The Yamuna Expressway Industrial Development Authority (YEIDA) plans to develop a new city on 6,065 hectares of land acquired from 40 nearby villages over the next two years. The authority aims to spend INR 63,000 crore to build infrastructure like roads, parks, utilities across sectors. A budget of INR 14,000 crore has been set aside for land acquisition. The new city will have sectors dedicated to various countries and industries such as a Fintech City and industrial parks for EV, plastics and more. YEIDA is also planning to revise its e-auction policy for land allotment and project contracts, whereby the auction or tender will be cancelled if only one bidder remains after the third round.
The Yamuna Expressway Industrial Development Authority (YEIDA) plans to develop a new city near the upcoming Noida International Airport. They have proposed acquiring around 6,065 hectares of agricultural land from 40 nearby villages over the next two years for this purpose.
YEIDA officials said the demand for residential, commercial, industrial, and institutional sectors is increasing in areas surrounding the new airport. The authority aims to spend over INR 63,000 crore to develop urban infrastructure across the 6,065 hectares, including sectors 5-11. A budget of INR 14,000 crore has been set aside for land acquisition.
YEIDA officials said that out of the total 6,065 hectares of land, 4,076 hectares will be acquired through the land acquisition process, 1,609 hectares will be purchased directly from farmers through mutual agreement and 380 hectares will be reclaimed as this is government land.
Some of the key villages YEIDA plans to acquire land from include Tappal-Bajna, Karauli Bangar, Muradgarhi, Rabupura, Tirthali, Mayana, Kallupura and Mudrah. A YEIDA official said investors have shown interest in developing areas around the upcoming Noida airport. The authority wants to build urban centers, logistic parks and develop facilities like roads, parks, sewers, and electricity.
The new city will have urban centers for various countries and industries. Fintech City is proposed in Sector 11, while Sector 5A and 4A will have Japanese City and Korean City respectively. YEIDA also plans industrial parks for EV, plastic processing, footwear, handicrafts, and transport near the airport.
Alongside this, YEIDA is also set to revise its e-auction policy for land allotment and project contracts. Currently, if there is a single bidder after two extension rounds, the bid is awarded if the price is above the reserve rate. However, under the new policy, the auction or tender will be cancelled if only one bidder remains after the third round. This aims to increase competition and avoid potential losses from a lack of bidders. From now on, both land allotment and project contracts will require a minimum of two bidders in the third and final round.
The policy of allotting projects or plots to a single bidder after the third round has elicited widespread criticism and been dubbed financially unviable. Officials said since only one company or agency came forward after two extensions, projects or land had to be allotted to it even if it quoted a bid price that was marginally higher than the reserve rate.
Noida and Greater Noida authorities still follow the old auction policy. The new development plans aim to capitalize on the rising demand for residential and commercial properties in the vicinity of the upcoming international airport. However, YEIDA will need to carefully execute the large land acquisition process and revise policies like e-auctioning of plots fairly and transparently to achieve the ambitious vision. How effectively they can address potential issues and ensure people's consent will determine the ultimate success of the new city project.
Advertisement
Facebook
Whatsapp
