Yamuna Authority Hikes Land Rates, Gives Approval To Metro Corridor

The Yamuna Expressway Industrial Development Authority (YEIDA) cleared a budget allocation of Rs 3,684 crore for the financial year 2019-2020 in its 65th board meeting on May 30.

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The Yamuna Expressway Industrial Development Authority (YEIDA) cleared a budget allocation of Rs 3,684 crore for the financial year 2019-2020 in its 65th board meeting on May 30.

YEIDA will be spending Rs 103 crore on rural development, starting with smart village scheme where Rs 84 crore has been allotted for the development of 10 villages. “Detailed Project Report (DPR) has been made for these villages. In the first phase, 30 villages will be developed in three years, beginning with 10 villages in this financial year,” said YEIDA CEO Arun Vir Singh.

He said YEIDA took Rs 350 crore loan this year, a drop from last year’s Rs 750 crore.

For Jaypee-owned Special Economic Zone (SEZ), Formula 1 land (where the realtor owes Rs 220 crore to YEIDA), a re-schedule meant plan on escrow account cleared till 2023, to be completed in one month. Jaypee has to pay its first default instalment within one month, else action will taken on cancelling the lease deed, said CEO Singh.

Further, Rs 84 crore has been allocated by YEIDA board to connect Eastern Peripheral Expressway (EPE) with Yamuna Expressway and NH-9. “This will reduce commuting time of about 60-70 minutes for those travelling from Faridabad, Palwal, Sonepat, and Panipat,” said Singh. 

The board also cleared its share of Rs 425 crore for Jewar airport project where a multi-model connectivity study is underway. “We have cleared metro connectivity from Knowledge Park 2 in Greater Noida to Jewar airport. This will be a 35.64km twin elevated line parallel to each other where one line will be commercial catering to sectors of YEIDA, while the other will be a dedicated airport express line with lesser number of stations (4-5 for Jewar airport only),” said Singh.

Also, YEIDA revised its land rates from 4 to 8%, while institutional and industrial rates have been increased by 4%, group housing and commercial rates increased to 6% and for small plots up to 200 metres, the rates have been increased by 8%.

Builders and group housing societies have been given the facility of re-schedule meant till June 30 for payment of dues. “For builders and group housings for whom the deadline has ended, 5 years have been given to clear their dues but on the condition of payment of 25 percent of the due,” said Singh.

Given the development of Jewar airport project and increased commercial activity expected around it, YEIDA has adopted the government policy on Warehousing and Logistic 2018 under which a logistic park will be developed.

In residential schemes, allottees of 2009 have been given benefit of extension to pay their lease deeds by September 30, 2019 without any extra charge. Also, four gaushalas will be coming up beginning with two in 2019.

Meenakshi Sinha, Economic Times, Delhi/NCR

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