NOIDA: The Yamuna Expressway Industrial Development Authority (YEIDA) has earmarked two sectors for the establishment of ‘Japanese’ and ‘Korean’ industrial cities, aimed at hosting electronic manufacturing units from these nations, according to reports. The ‘Japanese City’ will be situated in Sector 5A along the Yamuna Expressway, spanning 395 hectares, while the ‘Korean City’ will occupy 365 hectares in Sector 4A. The proximity to the upcoming Noida International Airport in Jewar, merely 10km away, is anticipated to enhance connectivity and stimulate these projects. Arun Vir Singh, CEO of the authority, stated that the electronic hubs will accommodate companies engaged in manufacturing chips, semiconductors, AI equipment, and cameras.
Land cost exemptions and stamp duty waivers pave the path for ‘Japanese’ and ‘Korean’ cities The cities will also feature residential complexes for the expatriate staff from Japan and Korea. Singh mentioned, “They are designed to be self-sustained, equipped with housing, schools, hospitals, and other essential amenities catering to Japanese and Korean residents.” The decision to establish these cities was reached during consultations with investors from Japan and Korea preceding the UP Global Investors Summit last year. Multiple delegations engaged in discussions regarding the projects in the ensuing months. Officials disclosed that representatives from Japanese firms visited the industrial sectors along the expressway last year. Following site evaluations and soil testing, these companies expressed interest in investing in the region. The state government’s FDI policy, incorporating exemptions in land costs, stamp duties, and other incentives, further facilitated the establishment of these new industrial townships in October last year.
Shailendra Bhatia, an OSD at the authority, revealed that the sectors would feature mixed land usage, with 70% allocated for core industries and 13% for commercial purposes. Additionally, 10% of the land will cater to residential requirements, and 5% will be designated for institutional needs such as hospitals, schools, and colleges. The remaining 2% will be utilized for developing other amenities. “A vibrant ecosystem with modern facilities essential for a thriving economy will emerge here,” added Bhatia. The development of the two cities is estimated to cost Rs 2,544 crore. The authority has forwarded a request to the state government for an interest-free loan amounting to 50% of the project cost. So far, the state government has disbursed approximately Rs 3,300 crore to the Authority in two installments. The authority intends to contribute its share from future profits, revenue generated from plot schemes, and bank loans to complete the land acquisition process.
