Checkout Budget Highlights 2023The Yamuna Expressway Industrial Development Authority (YEIDA) has nearly doubled the proposed allocation for the upcoming Noida International Airport in Jewar from the last year, allocating Rs 805 crore in financial year 2023-24, officials privy to the development said.
Officials said that the allocated funds will be used for acquisition of land for Phase 2 and Phase 3 of the airport, and other infrastructure development around the facility.
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.
“The construction of the Noida airport at Jewar is in full swing, and now the process of land acquisition for the second and third phases of the airport has already begun. In view of this, YEIDA has decided to increase the allocation to almost double (the amount) and made the provision of Rs 805 crore in the Budget for FY2023-24. The Budget allocation for the Jewar airport in FY2022-23 was Rs 405 crore,” a YEIDA official, who did not wish to be named, told Moneycontrol.
In the Jewar airport project, the Yamuna Expressway Industrial Development Authority (YEIDA) and Greater Noida Industrial Development Authority (GNIDA) have 12.5 percent stake each. The Noida Authority and the state government have 37.5 percent shares each.
The official said that the Budget allocation was increased because more money would be required for timely acquisition of land for Phase 2 and Phase 3 of the upcoming airport.
As many as 1,365 hectares of land will be acquired in the second phase. A Social Impact Assessment (SIA) study is underway for Phase 2 of the acquisition, the official said.
The Authority, on February 20, approved a total budget of Rs 5,624.85 crore for FY 2023-24. It is 23 percent higher than the previous fiscal’s budget of Rs 4,528.65 crore, and double the revised estimates of Rs 2,621.26 crore for FY2022-23.
The Authority also decided to acquire land of width 500 metres around industrial sectors located near Jewar, Noida International Airport, and in sectors 21, 28, 29, 33, 10 and 09, through mutual agreement. This land will be used for the peripheral road from the north, east and west of the upcoming Noida International Airport.
The Authority also decided to give 55,219.17 square metre (sqm) land to Yamuna International Airport Private Limited (YIAPL), a special purpose vehicle (SPV) formed for the construction of the airport, for the development of residential facilities for the Central Industrial Security Force (CISF) staff who will be engaged in the security of the airport.
The land will be given to YIAPL at 15 percent higher than the revised rates applicable for the group housing schemes of YEIDA, the Authority noted.
The Authority also decided to launch a new group housing scheme in three land parcels located in Sector 22D of YEIDA. Two of these land parcels measure 45,000 sqm, while the third has an area of 60,000 sqm.
Officials said that the Authority will launch a group housing scheme after a period of nine years. Earlier, YEIDA had launched a group housing scheme in 2014.
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One-Time Settlement (OTS) scheme
With the aim of recovering its pending dues from the builders, YEIDA, on February 20, announced the launch of an OTS scheme for three months starting March 1, 2023.
According to data provided by the Authority, there are nearly 10,370 defaulters in various schemes of YEIDA, and the authority has to recover an amount of Rs 4,360.80 crore.
Under the scheme, the authority will waive off the penal interest of the defaulters, and also allow them to pay the remaining amount in time-frames of 60 days and 90 days.
Officials said that if the payable amount after deduction of penal interest is up to Rs 50 lakh, then the payment has to be made to the Authority within 60 days from the date of dispatch of the demand note.
However, if the OTS amount is more than Rs 50 lakh, then the defaulter will have to pay the money within 90 days from the date of dispatch of the demand note.
“The OTS scheme will allow the defaulters to come forward to deposit their dues and come out of the defaulter category. As per the scheme, the Authority will waive off the penal interest on the dues. For instance, if a defaulter has dues of Rs 100 crore, out of which the penal interest is Rs 10 crore, then the person or firm will have to pay only Rs 90 crore as Rs 10 crore will be waived off,” a YEIDA official said.
He added that this will be the third time that such a scheme is being launched by the Authority. On the previous two occasions, the Authority had collected over Rs 400 crore.
Land rate revision
YEIDA has also revised the land rates across all categories ― residential, group housing, commercial, industrial, and institutional, among others, the Authority noted in a statement.
Officials said that the rates have been increased by around 30-35 percent. In the residential category, the hike has been of 32 percent. The increased rates are now Rs 24,600 per sqm, while earlier it was Rs 18,510 per sqm. The land rates for the group housing scheme also saw an increase of 32.8 percent to Rs 30,750 per sqm from the earlier Rs 23,140 per sqm.
The Authority has revised the rates of commercial land parcels (FAR up to 2) to Rs 49,200 per sqm from Rs 38,000 per sqm earlier ― an increase of 29.47 percent. For commercial plots having FAR above 2, the increase is 28.47 percent.
The rates for industrial land parcels have been increased by 40 percent from Rs 9,668 per sqm to Rs 13,542 per sqm.
In its meeting, the Authority also decided to engage Marsh Planning and Engineering Services for master planning of 55 villages that were recently added to YEIDA from the Sikandarabad and Khurja tehsils of Bulandshahar district. These villages will be inducted in the YEIDA Master Plan 2041 and development in these areas will be done on the basis of the master plan.
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The Agency will submit an amended Master Plan 2041 by including the newly-added villages to YEIDA in the master plan, the Authority noted.