Yamuna authority to raise Rs 5000 crore for development around Jewar airport – ET RealEstate

The Yamuna Expressway Industrial Development Authority (YEIDA), the nodal agency for the development of residential and commercial land near the upcoming Jewar airport, has signed an agreement to raise Rs 5000 crore in three years.

The funds will be provided by the Housing and Urban Development Corporation Limited (HUDCO) and will be used for land acquisition around Jewar airport and development of industrial estates, Electronic City and housing projects.

“We have signed an Memorandum of Understanding (MoU) with HUDCO and this will expedite the development work around the airport and we will acquire more land for future development,” said Arun Vir Singh, CEO of the authority.

As per the MoU signed on Thursday, YEIDA will require Rs 4000-5000 crore for development around the Jewar airport.

The Uttar Pradesh government has earmarked about 5,000 hectares of land in Jewar on Yamuna Express for an aviation and transport hub. About 1,300 hectares of land has been handed over to Zurich Airports for the development of the airport in the first phase.

“Outside the 1300 hectare land parcel, an aviation hub is planned where we will have hotels, MROs and other establishment related to aviation. We need to acquire land for that and financing by NBCC will help us in achieving the expansion plan,” Singh added.

Uttar Pradesh government has attracted more than Rs 1,500 crore of investments by allotting land close to the upcoming aviation facility to interested companies during the lockdown period.

YEIDA has allotted 17 plots to different companies, which will provide employment to about 25,000 workers.

The authority also expects to collect Rs 600 crore from the auction of land marked for hotels and office space.

Similarly, there will be an auction of land for petrol pumps, shops, offices, kiosks and about 1,000 residential plots.

Concessionaire has the right to develop commercial space, including hotels and office space, within the space provided to them.

Zurich Airports has won the contract to build and operate Jewar airport, which will act as the second airport for Delhi, for a period of 40 years, including construction period of four years in the first phase.

The Jewar airport is expected to start operations around 2023-24, by when the existing airport is set to exhaust its capacity of more than 100 million.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *