Yamuna Expressway Authority shifts strategy to fast-track the 735-acre project; Residential and Commercial sectors to be developed by the Authority itself.
Greater Noida: In a strategic shift to ensure financial viability and timely execution, the Yamuna Expressway Industrial Development Authority (YEIDA) has decided to develop the proposed Heritage City near Vrindavan on a Hybrid Model. The proposal is set to be placed before the board in the meeting scheduled for November 7.
The Hybrid Model: Best of Both Worlds
The proposed project, located in the Raya Urban Center spanning approximately 735 acres, was initially considered for a full Public-Private Partnership (PPP) model. However, following a directive from Chairman Alok Kumar in the September 6 meeting, an independent agency assessed the feasibility of different models. Based on this assessment, a hybrid approach has been finalized:
PPP Model: Specialized facilities such as theme-based parks, spiritual centers, and Braj cultural centers—which require specific expertise and additional investment—will be developed under the Public-Private Partnership model.
Authority Development: To ensure liquidity and control, YEIDA will directly develop the residential and commercial sectors as well as basic infrastructure.
Financial Logic: Recovering ₹700 Crore Investment
CEO Rakesh Kumar Singh highlighted the financial prudence behind this decision. The Authority has already invested approximately ₹700 Crore in land acquisition for the project.
Under a pure PPP model, this investment would remain locked for a long period.
By developing and selling the residential and commercial sectors itself, YEIDA aims to recover its investment faster, which can then be reinvested to speed up the development of other parts of the Raya Urban Center.
Layout Changes Due to NHAI Ring Road
The report also notes a partial change in the project's alignment. The National Highways Authority of India (NHAI) is constructing a road (serving as a Ring Road) through the Heritage City area. Since NHAI has partially modified its alignment, the layout of the Heritage City will undergo necessary changes.
The CEO confirmed that while the specific location of the lands might shift due to the alignment change, the total area of the project will remain unchanged.
This revised layout will also be sought for approval in the upcoming board meeting.
Impact on Investors
This shift to a hybrid model is positive news for investors. With YEIDA taking direct charge of residential and commercial sectors, the development pace is expected to accelerate compared to a purely private-dependent model. It signals a commitment to delivering habitable zones faster, potentially opening up inventory for plots and commercial spaces sooner than anticipated.