Ahead of Raksha Bandhan, farmers in Greater Noida have received a major boost.
The Greater Noida Authority Board has approved the biggest-ever increase in land compensation for farmers who give up their land for development projects.
The compensation rate has been increased from ₹4,125 to ₹6,415 per square metre.
This means farmers will now get ₹2,290 more per square metre, a jump of around 55.5%.
First Compensation Hike in Nearly Three Years
The previous compensation rate was fixed for the 2023-24 period at ₹4,125 per square metre. After nearly three years, the authority has approved a sharp increase.
Greater Noida CEO Ravi Kumar NG said the new rate will apply to farmers who give up land for development projects.
The authority expects this decision to make land acquisition faster and smoother.
6% Residential Plot Scheme Returns
The board has also approved the return of the 6% residential plot scheme for eligible farmers.
Under this scheme, farmers will receive compensation at ₹5,725 per square metre.
The authority will develop separate sectors for these plots, with plot sizes ranging from 40 square metres to 2,500 square metres.
Development Projects Expected to Speed Up
Many farmers were unwilling to sell their land in recent years because of the lower compensation amount. As a result, several development projects, industrial land allocations, and road works were delayed.
With the new compensation rate, the authority expects land acquisition to move faster.
This is likely to help complete pending projects, including the expansion of the 130-metre-wide road, while also making more land available for residential, commercial, and industrial development.
Plan to Build a 1,000-Hectare Land Bank
The Greater Noida Authority is also planning to create a 1,000-hectare land bank by purchasing land from several villages.
The land will be used to develop industrial sectors such as Ecotech-7, 8, 9, 12A, 16, 19, 19A, and 21.
The compensation amount will be transferred directly to farmers’ bank accounts.
According to the authority, the revised compensation rate will benefit farmers while also encouraging new industries, investment, and job creation in Greater Noida.