Yeida acquires 5,000 acres land for development
The Yamuna Expressway Industrial Development Authority (Yeida) on Friday said it has acquired at least 5,200 acres of land in the last five years to develop projects, which will receive a boost due to their proximity to the Noida International Airport which is set to begin operations shortly.
Yeida said it is preparing a land bank for the development of four new sectors — 4A, 5, 5A, and 11. These areas will include residential, industrial, and institutional projects, along with special zones such as the Japanese City, Korean City, and Fintech City. The authority plans to buy 5,000 acres more land directly from 2,000 farmers.
'We are talking to farmers and taking land from those willing to sell it. We have bought 5,200 acres in the last five years and the land purchase will continue ,' said Arun Vir Singh, chief executive officer of Yeida.
Yeida said that the Korean City will come up in Sector 4A, where 365 acres will be needed, the Japanese City is planned in Sector 5A over 395 acres. In Sector 11, 750 acres will be used for the Fintech City. Sector 5 will focus on group housing and other residential projects, with land also being set aside for special facilities such as a children's home and orphanage.
Multiple land use projects will be allowed in the Japanese and Korean industrial cities. This includes industrial, residential, commercial, and institutional land use to allow construction of residences, hotels, malls, and offices, and more.
'The aim is to provide all necessary facilities within the city, ensuring that Japanese citizens feel at home while preserving their culture. With the airport becoming operational soon, we are now working to bring all these major projects into reality,' said Singh.
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