According to authorities with knowledge of the issue, the Yamuna Expressway Industrial Development Authority (YEIDA) has nearly quadrupled the proposed budget for the forthcoming Noida International Airport in Jewar from the previous year, providing Rs 805 crore in the financial year 2023–24.
According to officials, the granted monies will be used for further infrastructure development around the facility as well as the purchase of property for Phases 2 and 3 of the airport.
The choice was made on February 20 in Lucknow at the 76th board meeting of YEIDA, where the Authority’s budget for the upcoming fiscal year (FY 2023–24) was submitted.
Noida airport in Jewar
“The second and third stages of the Noida airport in Jewar are already under the land acquisition process, which is currently in full swing. A provision of Rs 805 crore has been established in the budget for FY2023–24 as a result of YEIDA’s decision to practically quadruple the allocation.
Yamuna Expressway Industrial Development Authority
A YEIDA official who wished to remain, anonymous informed reporters, that the budgetary allotment for the Jewar airport in FY2022-23 was Rs 405 crore. Yamuna Expressway Industrial Development Authority (YEIDA) and Greater Noida Industrial Development Authority (GNIDA) both have a 12.5% share in the Jewar airport project. The state government and the Noida Authority each own 37.5% of the company.
According to the official, more funds will be needed to quickly acquire property for Phases 2 and 3 of the planned airport, hence the budget allotment was increased. In the second phase, up to 1,365 hectares of the property will be purchased. According to the official, a Social Impact Assessment (SIA) study is now being conducted for Phase 2 of the acquisition. The Authority approved a total budget of Rs. 5,624.85 crores for the fiscal year (2023–24) on February 20. It is double the revised expectations of Rs 2,621.26 crore for FY2022-23, and it is 23 percent more than the budget for the previous fiscal year of Rs 4,528.65 crore.
With mutual consent, the Authority also resolved to purchase land with a width of 500 meters around industrial sectors in sectors 10, 9, 21, 28, 29, and 33, as well as close to Jewar and Noida airport in Jewar. This land will be used for the outlying road leading to the future Noida International Airport from the north, east, and west.
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The Central Industrial Security Force (CISF) staff who will be responsible for the security of the airport will need residential facilities, so the Authority also decided to give Yamuna International Airport Private Limited (YIAPL), a special purpose vehicle (SPV) formed for the construction of the airport, 55,219.17 square meters (sqm) of land for that purpose.
According to the Authority, the land would be given to YIAPL at a rate that is 15% more than the updated rates that are applicable for the group housing schemes of YEIDA. The Authority also decided to begin construction on a brand-new group housing project on three parcels of land in YEIDA Sector 22D. Three of these land lots total 60,000 sq m in size, with two at 45,000 sq m each. After nine years, according to officials, the Authority will introduce a group housing program. Earlier, in 2014, YEIDA introduced a program for group housing.
The decision was taken at the 76th board meeting of YEIDA in Lucknow on February 20, where the Authority’s Budget for financial year (FY 2023-24 was presented.
“Work on building the Noida airport at Jewar is currently well underway, and land acquisition for the airport’s second and third phases has already started. Because of this, YEIDA has decided to practically double the allocation and has included Rs. 805 crores in the budget for FY2023–2024. The Jewar airport received a budget allocation of Rs 405 crore for FY2022-23, according to a YEIDA official who wished to remain unnamed.
Greater Noida Industrial Development Authority
The Yamuna Expressway Industrial Development Authority (YEIDA) and Greater Noida Industrial Development Authority (GNIDA) each hold a 12.5 percent share in the Jewar airport project. 37.5 percent of the shares are each owned by the state government and the Noida Authority.
According to the official, more funds will be needed to quickly acquire property for Phases 2 and 3 of the planned airport, hence the budget allotment was increased. In the second phase, up to 1,365 hectares of the property will be purchased. According to the official, a Social Impact Assessment (SIA) study is now being conducted for Phase 2 of the acquisition.
On February 20, the Authority authorized a total budget of Rs. 5,624.85 crores for the fiscal year 2023–24. It is double the revised estimates of Rs 2,621.26 crore for FY2022-23 and is 23 percent more than the budget of Rs 4,528.65 crore for the previous fiscal. With mutual consent, the Authority also resolved to purchase land with a width of 500 meters around industrial areas near Jewar, the Noida International Airport, sectors 21, 28, 29, 33, 10, and 9. This area will be used to build the ring road that will connect the new Noida International Airport to its north, east, and west.
Additionally, the Authority decided to grant Yamuna International Airport Private Limited (YIAPL), a special purpose vehicle (SPV) established for the construction of the airport, 55,219.17 square meters (sqm) of land for the development of residential facilities for the Central Industrial Security Force (CISF) staff who will be responsible for the security of the airport.
The Authority stated that the land will be provided to YIAPL at a price that is 15% higher than the updated rates that apply to YEIDA’s group housing plans. The Authority also decided to start a new group housing project on three pieces of property in YEIDA’s Sector 22D. Three of these land parcels total 60,000 sq m in size, while the other two each have an area of 45,000 sq m.
After nine years, according to officials, the Authority will introduce a group housing program. Earlier, in 2014, YEIDA introduced a program for group housing. On February 20, YEIDA announced the initiation of an OTS program for three months beginning March 1, 2023, to collect its outstanding debts from the builders.
Data provided by the Authority indicates that there are around 10,370 defaulters in several YEIDA programs, and the authority is required to recover a total of Rs 4,360.80 crore. According to the plan, the authority will forego charging the defaulters with penal interest and permit them to settle the remaining balance over 60 or 90 days.
The payment must be given to the Authority within 60 days of the day the demand note was sent, according to officials, if the payable amount is up to Rs 50 lakh after deducting penal interest. However, if the OTS amount exceeds Rs 50 lakh, the defaulter would be required to make payment within 90 days following the day the demand note was sent.
“The OTS system will enable defaulters to come forward to pay their debts and exit the defaulter category. The Authority will waive the penal interest on the outstanding debts by the plan. For instance, if a defaulter owes Rs 100 crore in debt, of which Rs 10 crore is penal interest, the person or company will only need to pay Rs 90 crore, since Rs 10 crore will be waived off, according to a YEIDA official. He continued by saying that the Authority will be introducing this program for the third time. The Authority has gathered more than Rs 400 crore the previous two times.
Land rate revision
According to a statement from the Authority, YEIDA also updated the land rates for all categories, including residential, group housing, commercial, industrial, and institutional. Rate increases of about 30-35 percent, according to officials, have been made. The increase has been 32 percent in the residential category. Formerly, the tariffs were Rs 18,510 per square meter, and are now Rs 24,600 per square meter. A 32.8 percent increase to Rs 30,750 per square meter from the previous Rs 23,140 per square meter was also seen in the land rates for the group home program.
The rates for commercial land parcels (FAR up to 2) have been increased by 29.47 percent by the Authority to Rs 49,200 per sqm from Rs 38,000 per sqm previously. The increase is 28.47 percent for commercial plots with a FAR over 2. From Rs 9,668 per square meter to Rs 13,542 per square meter, the prices for industrial land parcels have increased by 40%.
The Authority also resolved to hire Marsh Planning and Engineering Services for the master planning of 55 villages that were recently added to YEIDA from the Sikandarabad and Khurja tehsils of the Bulandshahar district. This decision was made during the Authority’s meeting. The YEIDA Master Plan 2041 will include these communities, and the master plan will serve as the foundation for future development in these areas.
The Authority highlighted that the Agency would submit an updated Master Plan 2041 to YEIDA that will include the newly additional settlements.
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