Noida: Despite Covid, YEIDA sees highest land revenue

GREATER NOIDA: The Yamuna Expressway Industrial Development Authority (YEIDA) has managed to break its past revenue records even in a pandemic-hit year. Half-a-dozen schemes launched by the Authority this fiscal have helped it achieve 50% more revenues than in the corresponding period of the previous financial year, officials said.

This year by November 30, YEIDA had already bagged Rs 1,000 crore. In the last financial year, the Authority was able to churn Rs 1,300 crore as revenue receipt.

Sitting on a Rs 2,000 crore strong pipeline through land allotment, YEIDA is eyeing overall investments to the tune of Rs 7,000 crore by 2027-28. The Authority has sold about 567 acres of land from April 1 till December 20 this year.

The allotment of land done so far is expected to fetch Rs 1,700 crore to the Authority. Having inked the concession agreement for the construction of Noida International Airport on October 7, YEIDA is hoping to increase its revenue receipt in the next quarter. Authority CEO Arun Vir Singh said the proposals and future projects of about 750 allottees, who had been given industrial, institutional and commercial plots, were examined recently.

“Over the next one decade, the stretch along the Yamuna expressway in Gautam Budh Nagar will be completely developed. Those having long-term vision are approaching us. We will put strict conditions to get the allotted units functional at the earliest to discourage speculations. The allotment done this year will bring in investments worth close to Rs 7000 crore once the units get operational,” he said.

YEIDA has issued timelines of five to six years to the allottees to make the payments and will start offering possession to them by August-September 2021. Meanwhile, officials from the Authority’s finance division said that in the 2019-20 fiscal, YEIDA was able to generate Rs 1,300 crore as revenue receipt through transactions. This year, the Authority is hoping to touch revenues to the tune of Rs 2,000 crore.

Head of Authority’s investment cell and officer on special duty, Shailendra Bhatia said that Sector 29 has emerged as the growth engine for YEIDA in this fiscal. “About 600 entrepreneurs have shown interest in setting up garments, apparels, textiles, micro, small and medium enterprises as well as handicrafts production units. Some startup firms have also taken land in Sector 29,” he said.

President of Yamuna Expressway Entrepreneurs Association, Tejveer Rana, said, “We hope YEIDA is able to acquire the land in time for upcoming schemes and create an atmosphere to boost investments in the region. We have been waiting for six years for our plots in sectors 32 and 33.”