TBM Staff - Mumbai
The Yamuna Expressway Industrial Development Authority (Yeida) has signed a memorandum of understanding (MoU) with the Housing and Urban Development Corporation (Hudco) to serve as a consultant and assist in securing financing for land acquisition. Hudco, a central government PSU, will advise Yeida on development projects and aid in the rapid urbanisation around Noida Greenfield International Airport along the Yamuna Expressway. This collaboration aims to support Yeida’s plan to develop an industrial area near the airport, which is expected to be operational by the end of 2024.
As part of the MoU, Yeida and Hudco have agreed to develop a 25-acre habitat centre and a 15-acre convention centre near the airport, in partnership with NBCC India. These projects will be executed under a public-private partnership (PPP) model. Hudco has also committed to providing a loan at a competitive interest rate to support land acquisition for the next five years, in line with Yeida’s development plans.
Yeida requires INR 14,000 crore to acquire 6,000 hectares of land from 40 villages over the next five years and has already secured INR 3,300 crore in interest-free loans from various government entities. As a condition for receiving further funding, Yeida must match these funds for land acquisition and has requested additional loans from Hudco to meet the cost. Hudco is one of the few financial institutions that offer loans for land acquisition, making it a crucial partner for Yeida’s ambitious plans.
Yeida plans to invest approximately INR 63,500 crore in infrastructure development, including roads, sewerage, parks, and power, to support the future urban centre. The authority aims to acquire land from farmers willing to sell, ensuring timely progress on the project. Additionally, Hudco has agreed to manage the issuance of infrastructure and municipal bonds on behalf of Yeida, further facilitating the development process.
