YEIDA To Create Land Bank For Residential & Industrial Near Airport
The Yamuna Expressway Industrial Development Authority (YEIDA) will create four new sectors close to the upcoming Noida International Airport in Jewar in 2024 by creating a land bank. The land acquisition process is likely to start this month, they said. Of the four new sectors, three will be for mixed land use and one will be residential. Arun Vir Singh, chief executive officer of YEIDA, said people want to invest and live near the upcoming Jewar airport and in anticipation of this demand, the authority plans to develop the four sectors. “Because of the upcoming airport and good connectivity in the region, we are aiming for good investment in the Yamuna Expressway region. We will require land for the same, so we aim to create a land bank of 4,000 to 5,000 hectares by June 2024. Land acquisition will be done in phases and necessary preparations have already begun. The land bank will be used for residential, warehousing, logistics, electronics and industrial projects, among others. The four sectors will be named sector 5 (residential), 6, 7 and 8. A proposal in connection with development of new sectors and acquisition of land for the purpose has been sent to the government,” Singh said. The authority has proposed to acquire about 1,100 hectares for the residential sector, where 50 percent of the land would be set aside for 2,000 housing plots and the rest will go towards developing group housing societies, he said. The authorities recently concluded residential plot scheme received an “overwhelming response” so YEIDA wants to capitalise on its success and plans to float another scheme for residential plots by February.
Tags : Yamuna Expressway Industrial Development Authority residential plots Land acquisition developing group housing societies residential warehousing logistics electronics industrial projects