YEIDA Approves Installments for Property Buyers
The Yamuna Expressway Industrial Development Authority (YEIDA) has approved a proposal allowing more than 8,000 property buyers to pay the additional compensation linked to land acquisition for the Noida International Airport in four installments. This decision, made in the YEIDA board meeting on Monday, is set to bring much-needed financial relief to the land allottees who had been facing the challenge of paying the hiked compensation amount following the farmers’ increased compensation rates.
According to YEIDA, property buyers now have until March 31st to submit their applications. Following this, they will be required to pay the first installment of 25% within a two-month period. The remaining balance will be split into three installments over the next six months, with no provision for relief on interest or penalties in case of delayed payments, except for the two-year timeline provided for clearing the dues. This new scheme offers flexibility but ensures timely payments are made. Arun Vir Singh, the CEO of YEIDA, confirmed the new plan, emphasising that the changes reflect a balanced approach to managing the financial needs of property buyers while maintaining the integrity of the land acquisition process. The scheme is expected to provide a much-needed cushion for many buyers who may have been struggling with the steep compensation hikes.
In addition to this significant relief measure, the YEIDA board also discussed and approved several key proposals aimed at streamlining the land allotment process and improving regional infrastructure. A major point of discussion was the implementation of a standardized industrial plot allotment policy that aligns with the practices followed by the Greater Noida and Noida authorities. This move is expected to provide more transparency and fairness in the allocation of industrial plots, which is crucial for attracting investment and fostering economic growth in the region. YEIDA will conduct e-auctions for industrial plots of up to 8,000 square metres, while larger parcels will be allotted through an interview-based process. Modifications are being planned to align the interview parameters with the development pace of the YEIDA region, and these changes will be presented at the next board meeting on March 28th for approval.
Another exciting development is YEIDA’s plan to introduce 100 electric buses as part of a city bus project. Out of the 500 electric buses planned across the region, 100 will serve YEIDA and Greater Noida, with the remaining 300 allocated to Noida Authority. These buses are expected to improve connectivity, especially between the Jewar Airport and Delhi, a critical link as the airport is set to become a major international hub. The introduction of electric buses aligns with the broader agenda of promoting sustainable urban mobility and reducing the region’s carbon footprint. YEIDA has also approved the construction of boundary walls around Akalpur, Myana, and Maqsoodpur villages. This measure aims to safeguard the region’s land from illegal encroachments, a growing concern in rapidly developing areas.
YEIDA’s recent decisions reflect a strong commitment to fostering growth while ensuring the region’s development is both sustainable and inclusive. The combination of financial relief for property buyers, improved infrastructure, and a focus on sustainable transport solutions signals a positive trajectory for the region, especially as the Noida International Airport and surrounding areas gear up for major growth in the coming years.
