Yeida to launch Vertical factory scheme near Jewar airport

The Yamuna Expressway Industrial Development Authority (YEIDA) announced on Friday that it plans to launch a flatted factory scheme in several sectors to encourage entrepreneurs who want to set up factories without purchasing industrial plots. The scheme is also expected to benefit start-up firms looking to set up shop near the Jewar airport, officials said.

According to Arun Vir Singh, CEO of YEIDA, “We will come up with a flatted scheme next week. Those who want to set up units without buying the plot and building can easily do so. Aspiring businessmen can also take space on rent in these flatted factories and set up their units without investing huge sums of money.” Officials have said that the factories will be ready for use within the next 12 months.

According to officials, YEIDA will construct flatted factories on a 20,000-square-metre plot in Sector 28, where the Medical Device Park has been developed. It will also build factories on two plots, measuring 18,000 and 20,000 square metres respectively, in Sector 29, where the Apparel Park project for textile businessmen is currently under development. The scheme will include 100 factories in each sector, with each building being four storeys high.

YEIDA decided to introduce this scheme after a team of senior officials returned from a nine-day tour of Japan, South Korea, Singapore, Germany, and other countries. During the tour, the team organized roadshows to attract investors and discovered that the flatted factory scheme could benefit those who want to start a business on a small budget.

Officials said that once the project is completed, YEIDA plans to build flatted factories in other sectors, including Sectors 32 and 33. Rishabh Nigam, president of the Yamuna Expressway Entrepreneurs Association, said that the scheme will benefit those who have limited funds and want to set up units near the airport project site. “Once these flatted factories are ready, many young businessmen who want to set up start-ups will come and set up units here,” he said.