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The Yamuna Expressway Industrial Development Authority (YEIDA) has introduced a new payment plan, allowing property owners to pay 65% additional farmers' compensation in four installments instead of a lump sum. This move aims to ease financial strain while encouraging timely construction. YEIDA also approved 20 acres for a medical college in Sector 17, 100 electric buses to improve transit, and a uniform industrial plot allotment policy. Measures to address delayed construction include a nine-month extension for 25,000 allottees. Additionally, YEIDA will develop women's hostels and repair 25 roads to enhance connectivity. These steps reinforce YEIDA's commitment to regional growth and infrastructure development.
The Yamuna Expressway Industrial Development Authority (YEIDA) has introduced a new payment plan for property buyers, allowing them to pay 65% additional farmers' compensation in four installments instead of a lump sum. This decision was made during a board meeting chaired by Alok Kumar, Principal Secretary of Industrial Development, on Monday. The new plan gives property owners until March 31 to apply, with the first instalment due within two months and the remaining dues spread over three more payments at six-month intervals. However, no relief will be provided on interest or penalties for late payments. Advertisement
This decision comes at a time when YEIDA is focusing on improving its development trajectory and addressing various challenges, including delayed constructions and infrastructural improvements. While property owners have been given a two-year timeline to clear their dues, the focus remains on boosting development and encouraging timely construction across sectors along the Yamuna Expressway.
In addition to the new payment plan, YEIDA approved the allocation of 20 acres in Sector 17 for the establishment of a medical college. The board also introduced a uniform industrial plot allotment policy aligned with the Noida and Greater Noida authorities. This includes e-auctions for plots up to 8,000 sqm and an interview-based approach for larger parcels. These changes aim to streamline the allotment process and create a more efficient system for industrial development in the region. Arun Vir Singh, YEIDA's CEO, noted that the revised criteria would be discussed at the next board meeting on March 28, highlighting the need for customized parameters given YEIDA's development trajectory.
Another major development is the approval of 100 electric buses for YEIDA, which will improve public transport in the area. This initiative is part of a broader plan to procure 500 electric buses, with 300 assigned to Noida Authority and 100 each for Greater Noida and YEIDA. These buses will play a crucial role in improving connectivity, particularly between Noida International Airport and key transit hubs like IGI Airport in Delhi, Sarai Kale Khan, and districts like Hapur and Ghaziabad.
YEIDA is also tackling the issue of delayed construction projects. Around 25,000 out of 34,000 allottees in sectors 18, 20, 22D, and 24 have possession of their plots but have not begun construction. To address this, the Authority has granted a nine-month extension, with the stipulation that all constructions must be completed by the end of the year. Additionally, the repair of 25 roads within YEIDA sectors has been approved, with 17 roads under the Public Works Department (PWD) and eight under Rural Engineering Services (RES). These roads will be repaired at a combined cost of INR 40.5 crore to improve connectivity.
Further boosting the region's development, YEIDA has allocated land parcels in sectors 17A and 22E to develop women's hostels. These plots will be leased to the Social Welfare Department at a nominal rate of INR 1 per sqm for 90 years. This initiative is expected to improve facilities for working women and support the region's growing population.
Chief Secretary Singh visited the airport and met with representatives from various stakeholders, including Innova Food Park and the World Bank. Discussions focused on establishing a horticulture-based export hub and reviewing connectivity and utility projects related to the airport. These efforts are aimed at ensuring smooth operational connectivity for the new airport, enhancing its role as a key transit point in the region.
The measures approved by YEIDA reflect the Authority's ongoing commitment to improving infrastructure, supporting industrial growth, and enhancing connectivity. These initiatives, alongside the new payment plans and efforts to resolve construction delays, are likely to drive further development in the region, positioning the Yamuna Expressway area as a key hub for both industry and residential growth.
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