YEIDA, Yamuna Expressway Industrial Development Authority recently inked a memorandum of understanding (MoU) with HUDCO (Housing and Urban Development Corporation) to act as a consultant. Via the deal, HUDCO will also assist the Authority in fund management for land acquisition.
HUDCO is a Central Government-owned PSU that will work with the Yamuna Authority to execute developmental projects. The public sector unit (PSU) will also play a crucial role in the execution of urbanization plans. These upcoming plans are in the vicinity of Noida Greenfield Airport parallel to Yamuna Expressway.
“We have signed an agreement with HUDCO to arrange financing for land acquisition for multiple mega projects. This MoU paves the way for this agency to work as a consultant for planning and executing these mega projects. We need HUDCO’s support for developing the industrial area, which has been planned in the catchment area of the airport. As the airport is scheduled to become operational by end of 2024, we are flooded with proposals from global and domestic investors for land to set up businesses. To make that happen in a timebound manner, we need expert consultancy services,” said Arun Vir Singh, Chief Executive Officer, YIEDA.
According to the MoU, YEIDA and HUDCO together will develop a habitat center on 25 acres and a convention center on 15 acres close to Noida airport. NBCC India will be the collaborative partner for these projects with HUDCO and YEIDA under the Private Public Partnership (PPP) model.
The officers close to the development said HUDCO will prolong the loan for five years, parallel to YEIDA’s land acquisition plan that too at a competitive interest rate.
“There is a need for a habitat center and a convention center in this region. This project will be completed in the next three years. Apart from that, HUDCO and YEIDA will work together on multiple other projects,” said Singh.
The Yamuna Expressway Industrial Development Authority requires Rs. 14,000 crores to acquire 6,000 hectares of land from 40 villages in the next five years. By far, YEIDA obtained Rs.3,300 crore in interest-free loans from distinguished Government bodies in the NCR region.
