YEIDA to get Rs 4,000 crore loan for acquiring land, infrastructure projects

The state-owned Housing and Urban Development Corporation (HUDCO) on Wednesday signed a memorandum of understanding (MOU) with the Yamuna Expressway Development Authority (YEIDA) to lend the authority Rs 4,000 crore over a period of three years.

YEIDA officials said this amount will be utilised for land acquisition in areas around the upcoming Jewar airport, development of industrial estates, Electronic City and housing projects, as well as for associated infrastructure development of other urban facilities on both sides of the Yamuna Expressway. This development will optimise usage of adjoining areas adjacent to the upcoming Jewar airport and insulate the airport buffer areas against encroachment, sources said.

The MOU has been signed between YEIDA chief Arun Vir Singh and HUDCO chairman and managing director M Nagaraj. Land acquisition will be done in 1,187 villages which have already been notified by YEIDA, starting from Gautam Budh Nagar, Bulandshahar, Aligarh, Mahamaya Nagar (Hatras), Mathura and Agra. The development plan has been chalked out for completion within three years.

“Unlike other airports, which soon face issues of encroachment after coming up, we will develop the adjoining areas for productive use. The entire project cost may go up to Rs 8,000 crore. The HUDCO loan will help us finance it partially and we will generate the remaining amount from our resources. The main purpose of the funding is the execution of the construction of Yamuna Expressway, acquisition of land and area development,” Singh told TOI.

A zonal plan has already been created, according to which four sectors will be developed around the upcoming Jewar airport to help build facilities to support the airport. Development of drainage, feeder roads, electrification, and other facilities in the area will also be supported by this fund.

“The development plan will be submitted to HUDCO after approval of the NCR planning board. They will release the funds in three phases. The project development will start after the land purchase,” Singh said.

Source: https://realty.economictimes.indiatimes.com/news/infrastructure/yeida-to-get-rs-4000-crore-loan-for-acquiring-land-infrastructure-projects/77301288

1 August 2020