By Prateek Sharma in NOIDA: The Yamuna Expressway Industrial Development Authority (Yeida) has approved a Data centre park on a 100-acre plot of land near the planned Jewar airport, with the goal of attracting both domestic and international buyers.
The state government plans to raise Rs 20,000 crore in finance to build three knowledge centre parks, the first of which has already been approved by Yeida.
“The land acquisition process has begun, and enterprises will need to apply through the UP government’s web portal,” said Arun Vir Singh, CEO of Yeida.
The authority has decided to provide plots of 10 and 5 acres.
The local authorities – Noida, Greater Noida, and the Yamuna Expressway Authority, which manage land banks near the planned airport, have recently adopted the Uttar Pradesh government’s knowledge centre coverage.
According to the policy, any company investing more than Rs 200 crore in data centres will be entitled for exemptions from stamp duty, electricity rates, and building by-laws.
“The UP government’s favourable policies have already drawn corporations to Noida and Greater Noida, with 5-6 significant transactions taking place every year,” said Vibhor Jain, managing director of Cushman & Wakefield in North India.
According to experts, Companies can take advantage of other benefits promised by the UP government after the data centre park is approved. With so many infrastructural developments in the works, including the airport, the data centre park should attract both domestic and international attention.
While the state cabinet approved the coverage in January 2021, the insurance policies were adopted by the three authorities at their June board meetings.
Yotta Infrastructure, a subsidiary of the Hiranandani Group, NTT Ltd, STT Global Data Centres India, and AdaniEnterprises are among the several companies that have been given land for knowledge centres in the area.
Incentives on capital, interest rates, and land acquisition subsidies, as well as non-financial incentives, are likely to be granted to buyers under the coverage.
Corporations wishing to invest in Bundelkhand and Purvanchal’s underdeveloped areas may be eligible for special incentives.
Data centre parks can also lead to the emergence of a slew of new data skills and related models in the area, creating jobs.
The government estimates that the information centre sector will employ 4,000 people directly and 20,000 indirectly.