Good news! The construction of much awaited Greenfield Noida international airport is all set to start before 2019 general elections. In a statement issued by UP government, it has been said that in order to kick-start the construction work, we have set up of a joint venture company to acquire 1,441 hectares of land for the project at a cost of nearly 4,000 crores.
The official said that the joint venture company will be empowered to obtain the land by either of the two processes-by land acquisition through the provisions of the Land Acquisition Act, or directly by mutual agreements with the landowners.
However, according to him, the latter procedure is quicker but in that case, the government has to pay more. The JV Company will have 37.5% shareholding of the UP government and Noida Development Authority respectively, and 12.5% shares for Greater Noida Development Authority and the Yamuna Expressway Industrial Development Authority individually.
“The joint venture company will do the land acquisition in its name and also work for the selection of the airport’s developer and future planning of the project,” a senior UP government official said.
It has been decided that UP chief secretary, CEOs of NOIDA, Greater NOIDA, Yamuna Expressway Industrial Development Authority (YEIDA) and representatives of UP Finance and Industrial Development department will be members of the JV company. The state government will, later on, decide the CEO’s name.
Last week, the Centre has cleared the site for the project and the ministries of home and defence have given their nod along with an in-principle clearance for immigration services.
Furthermore, the UP government has already completed the ‘Social Impact Assessment Study’ of the project and has asked the Jewar Additional District Magistrate to complete public hearings for land acquisition by June 15.
Both Centre and state governments are closely monitoring the progress of the project that aims to start its operations by 2022.