• By admin
  • / March 11, 2024
  • / Blog

One of the upcoming projects proposed by the Yamuna Expressway Industrial Development Authority (YEIDA) is the development of the Japanese city and Korean city of Noida. The two sectors of the Noida are selected for the establishment of the cities.

The proposal is to establish industrial cities operating in these sectors. Sector 4A will be designated as the Korean city spanning an area of 365 hectares and Sector 5A is the Japanese city spanning to an area of 395 hectares. This will serve as the main focal point of the city serving as the electronic manufacturing hub. This hub will host companies involved in the manufacturing of cameras, semiconductors, chips, and AI armamentariums.

The Jewar International Airport will be within a radius of 10km from the Japanese city and Korean city of Noida. There will be even residential staff quarters for the workers with the industrial development in the sectors. The cities would be self-sufficient in amenities like healthcare centres, hospitals schools, and incorporate housing, and everyday essentials representing the cities of Japan and Korea.

The decision to establish the Japanese city and Korean city was finalized at the Uttar Pradesh Global Investors Summit held last year. There were meetings held with the investors belonging to Korea and Japan. These sectors were visited by the delegates and the project was then finalized. There were people from the Japanese companies who visited the sectors of Noida being utilized for industrial set-ups present along the Noida-Greater Noida expressway. These locations were assessed on various parameters and even soil testing was conducted. There were exemptions taken from the state government under the FDI policy such as stamp duties, land costs, and some concessions. This finalized the investors and the establishment of the Japanese city and Korean cities in Noida.

According to an Officer on Special Duty at Noida authority, Shailendra Bhatia segregated the land use into various categories. It is designated as land for mixed use as 70% of the land is to be used for the main industries, 13% for commercial purposes, 10% for residential use, 5% is dedicated to schools, colleges, and hospitals and 2% for any other essential facility.

The total cost of the development of Japanese city and Korean city is estimated to be around Rupees 2544 crore. An interest-free loan is requested from the state government to compensate 50% of the total cost. The state government has allotted funds of Rupees 3300 crore in two instalments granted as loans. The YEIDA authority plans to contribute through the revenue from the plots, profit sharing, and loans offered by banks taken for the plot allotments.

The project aims to uplift the electronic manufacturing segment of India and captivate investment from abroad countries.

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