Ahead of Raksha Bandhan, farmers in Greater Noida have received a major gift.
The Greater Noida Authority has approved the biggest-ever increase in land compensation for farmers whose land is acquired 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 hike of around 55.5%.
First Compensation Hike in Nearly Three Years
The previous compensation rate was fixed for the 2023-24 period and remained unchanged at ₹4,125 per square metre.
After almost three years, the authority has approved a sharp increase.
According to Greater Noida CEO Ravi Kumar NG, farmers who give their land for development projects will receive compensation at the new rate.
The authority believes this will encourage more farmers to participate in land acquisition and help speed up development work.
6% Residential Plot Scheme Returns
The board has also brought back the 6% residential plot scheme for eligible farmers.
Under this scheme, farmers will receive compensation at ₹5,725 per square metre.
Separate sectors will be developed 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 earlier unwilling to give up their land because of the lower compensation amount.
This slowed down the development of new sectors, industrial projects, and several road works.
With the revised rates, the authority expects faster land acquisition.
This will make more land available for housing, industries, commercial projects, and important infrastructure, including the expansion of the 130-metre-wide road.
Land Bank Plan to Boost Investment and Jobs
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, Ecotech-8, Ecotech-9, Ecotech-12A, Ecotech-16, Ecotech-19, Ecotech-19A, and Ecotech-21.
The compensation amount will be transferred directly to farmers’ bank accounts.
Officials believe the higher compensation will not only benefit farmers but also attract more investment, create jobs, and support Greater Noida’s future growth.
