The Yamuna Expressway Industrial Development Authority (YEIDA) has commenced a significant initiative to accelerate development in the vicinity of Noida.
News: YEIDA plans to acquire approximately 5,000 acres of land over the next few years as part of a major development project. This land will be developed into four new sectors: 4A, 5, 5A, and 11. These sectors will feature residential, commercial, industrial, and specialty zones. Notably, these will include dedicated areas such as a Japanese City, a Korean City, and a FinTech City, fostering international and technological collaboration in India.
Over 5,200 Acres Acquired in the Last Five Years; Work to Continue
According to YEIDA officials, over 5,200 acres of land have been acquired in the past five years. The authority has stated it will continue to expedite land acquisition. Officials report they are directly contacting farmers and purchasing land from those willing to sell. The aim is to acquire approximately 5,000 acres from around 2,000 farmers in the coming period.
New City to be Developed Across Four New Sectors
- Sector 4A: 365 acres will be developed as the Korean City, dedicated to Korean culture and businesses, encompassing residential, industrial, and commercial development.
- Sector 5A: A 395-acre Japanese City will be developed in this sector, creating a dedicated area for Japanese citizens and businesses.
- Sector 11: 750 acres have been allocated for the FinTech City, developing a hub for new opportunities in India's financial and technological sectors.
- Sector 5: This sector will primarily be dedicated to group housing and other residential projects, with land also reserved for social amenities such as children's homes and orphanages.
Mixed-Use Planning for Holistic Development
These new sectors will implement a mixed-use policy, ensuring balanced development of industrial, residential, commercial, and institutional areas. This plan will see hotels, malls, offices, residences, and industrial units developed within the same areas, providing necessary amenities to residents and workers.
The Japanese and Korean Cities, in particular, will be fully developed to accommodate their respective cultures for both living and working. The aim is to create a home-like environment for foreign nationals, allowing them to maintain their cultural identity.
Proximity to Noida International Airport to Boost Development
YEIDA's projects will benefit from the proximity of the soon-to-be-operational Noida International Airport. The airport's launch is expected to invigorate business, investment, and tourism in the area. The airport will play a crucial role in connecting the Yamuna Expressway region nationally and internationally in the coming years.
Transparency and Communication in Land Acquisition from Farmers
YEIDA officials have clarified that continuous dialogue is maintained with farmers for land acquisition. The authority is directly purchasing land from farmers willing to sell. This will minimize displacement and expedite the completion of development projects. YEIDA plans to expand residential, industrial, and institutional projects in these sectors in the future.
Special incentives and tax breaks will be offered to attract investment in the Japanese, Korean, and FinTech Cities. This will generate new employment opportunities and boost economic activity in the region.
