Greater Noida: The last leg of the Formal Was name of the Fall Airport from Nial (Noida International Airport Limited) to Yiap (Yamuna International Airport Private Limited) will be signed on Saturday in front of the Yogi Chief Minister in Lucknow.
With the physical ownership of the land with YIPAL, which is a SPV (special purpose vehicle) of the concession holder, Zurich AG, the process of land physical ownership will eventually be completed.
This will then remove the deck for construction work to start, which will include the area’s early fence, name board placement, etc.
“The signing on Saturday will include the CEO of both parties and other senior government officials.
Zurich AG has established a SPV with YIAPP for airport development.
Post the signing of the current agreement, all formalities regarding the airport will be completed,” said Arun VIR Singh CEO Yeida ( Yamuna Expressway Industry Development Authority).
While Yiapl will hold the airport license fee for 40 years, “permanent payment per PAX passenger will require between Yiap and the state government.
There will be no income distribution,” Singh added.
Even as 1,334 hectares of land were obtained for the first phase of the Jewar airport by the district government for the State Civil Aviation Department, (which will then include an additional 16 hectares), the construction work is expected to begin soon.
“The work will begin after putting the foundation stone,” Singh said.
Nearly 3,000 families affected by the land of the airport have been compensated and transferred to the Banger Jewar, where around 2,000 families are currently building their homes.
The authority was approaching the completion of development work in the Bangar Jewar region in connection with family rehabilitation.
“The development of land is almost complete.
Angganwadi and school will be built by PWD,” Singh said.