The Yamuna Expressway Industrial Development Authority (Yeida) now demands that landowners in the Medical Device Park project must retain their plots for at least a decade before selling. This is to be counted from the day when plots are given out to them.

Reason Behind Yamuna Authority Decision

According to Yeida, what they observed was that real estate agents buy these lands not with an intention of developing industries but keeping it till their market value increases and then sells at higher prices. This goes against the very purpose of setting up a Medical Device Park which is expected to attract established firms that will set up factories, and produce medical appliances such as devices among others leading to job creation as well as spurring economic growth within its vicinity. Therefore through enforcing this ten-year holding period Yeida wants to make sure that every plot should be utilized for industrial development as intended initially.

Background Information

This directive was passed during Yeida’s 81st board meeting on June 26, 2022. The move is part of the measures being taken by Yeida in order to curb speculative buying and ensure that these pieces of land contribute towards the economy along airport lines.

Details about Plots Allotment

On July 22nd, 2022, Yamuna Expressway Industrial Development Authority allotted thirty-seven (37) plots through a lucky draw system among successful applicants for the Medical Device Park Project; out of one hundred seventy-three (173) applications received:

Eleven (11) companies got one thousand square meters plot each.
Twenty-one (21) companies were given two thousand one hundred square meters plot each.
Five (5) companies received four thousand square meters plot each.

However, only thirty-nine enterprises engaged in manufacturing medical machines or equipment were found financially and technically fit by Yeida’s technical team.

Challenges & Solutions Identified

It has been noticed by YEIDA that many people who owned these sites preferred selling them at high prices rather than setting up manufacturing units for medical instruments which goes against the affordable land scheme for genuine industrial development. To address this problem, YEIDA will come up with a new plan where only serious firms interested in establishing factories should buy such plots.

Details about New Scheme

Yeida’s fresh proposal shall cover not less than twenty-seven (27) pieces situated within Sector 28 Medical Device Park which are expected to range from one thousand square meters to two thousand one hundred square meters in size. The 350-acre Yamuna Expressway-based Medical Device Park approved by the central government under the ‘Promotion of Medical Device Park’ scheme in January 2022 is India’s first and is located near Noida International Airport at Jewar, Sector 28.

Yamuna Authority Goals:

These measures are meant to encourage industrialization within the region thereby leading to employment creation as well as boosting local economies hence Yeida through ensuring that all plots are utilized as per their intention wants Medical Device Park to become a global hub for the manufacture of various types of medical equipment.