NOIDA, India (July 18, 2024) — The Yamuna Expressway Industrial Development Authority (YEIDA) has set an ambitious target to raise ₹7,635 crore this fiscal year by selling land parcels across various categories, as reported by the Hindustan Times this initiative aims to urbanize the area along the Yamuna Expressway, near the under-construction Noida International Airport, addressing the increasing demands of investors and boosting the local economy.
Revenue Targets Breakdown
YEIDA’s financial goal is distributed across multiple land categories:
- Housing Department’s Plot Schemes: ₹2,531 crore
- Ready to Move Flats: ₹65 crore
- Institutional Plots: ₹736 crore
- Group Housing Plots: ₹1,642 crore
- Industrial Plots: ₹830 crore
- Mixed Land Use Plots: ₹501 crore
- Data Center: ₹154 crore
- Special Economic Zone Schemes: ₹200 crore
- Land Development Charges: ₹200 crore
- Commercial Plots: ₹656 crore
Strategic Land Acquisition and Development
Arun Vir Singh, CEO of YEIDA, highlighted the necessity of raising ₹6,000 crore to acquire 13,000 hectares from farmers this fiscal year. This land acquisition is essential for future development projects aimed at attracting businesses and investors to the region. The strategic development of these areas will enhance infrastructure, making it a prime location for various commercial and residential ventures.
Recent Plot Scheme Launches
YEIDA has recently introduced several plot schemes to attract buyers and generate revenue. These schemes include options for residential plots, hotels, group housing, and other categories. The response has been overwhelmingly positive, with significant interest from realtors and homebuyers alike. For example, two group housing plots near Jewar airport were sold for ₹250 crore, significantly exceeding reserve prices. Additionally, more than 15,000 applicants have shown interest in the residential plot scheme within just 10 days of its launch.
Increasing Demand Near Noida International Airport
The proximity to the soon-to-be-operational Noida International Airport has led to a surge in land demand. The airport’s development is a major catalyst, driving up the value and desirability of nearby plots. YEIDA officials reported that recent bids for plots have been 43% higher than reserve prices, underscoring the growing interest and confidence in the region’s potential.
YEIDA’s Historical Context and Future Vision
Established on April 24, 2001, YEIDA was created to develop the areas between Greater Noida and Agra, aiming to generate employment and urbanize the region. Initially, around 200,000 hectares from 1,187 villages across six districts—Gautam Budh Nagar, Bulandshahar, Aligarh, Hathras, Mathura, and Agra—were notified under YEIDA. However, only 20,000 hectares have been acquired along the expressway for development purposes to date.
YEIDA remains committed to its vision of transforming the Yamuna Expressway region into a thriving urban and industrial hub. By leveraging strategic land sales and development projects, YEIDA aims to fulfill its objective of fostering economic growth and creating a conducive environment for businesses and residents alike.
Conclusion
The strategic initiatives undertaken by YEIDA reflect a robust and forward-thinking approach to regional development. With targeted revenue goals and a clear plan for land acquisition and development, YEIDA is poised to transform the Yamuna Expressway area into a dynamic and economically vibrant region. As the Noida International Airport nears completion, the demand for land in its vicinity is set to rise, promising significant returns for investors and contributing to the overall prosperity of the area.