Noida authority hikes land acquisition rate by ₹1,135

NOIDA: The Noida authority on Saturday increased the land acquisition rate for farmers from ₹5,324 to ₹6,459 per square metre (sqm), officials said

NOIDA: The Noida authority on Saturday increased the land acquisition rate for farmers from ₹5,324 to ₹6,459 per square metre (sqm), officials said.

Officials said the decision will benefit farmers who have been demanding an increase (Photo for representation)

They added that this time, farmers will also receive a five per cent “abadi plot” along with the increased land rate. Under the abadi plot scheme, farmers receive five per cent of their original land in the form of a developed plot, officials added.

Earlier, farmers opting for five per cent developed plots would receive ₹4,224 per sqm, which has now been increased to ₹6,459 — an increase of ₹2,235 per sqm (about 53 per cent), officials said.

Krishan Karunesh, chief executive officer of the Noida authority, said the decision was taken during a board meeting and will benefit farmers who have been demanding an increase.

He said, “The authority acknowledges the role of farmers in Noida’s development. The board has agreed to the proposal to increase the compensation to ₹6,459 per sqm for land acquired through mutual agreement, along with the benefit of five per cent abadi plot. Earlier the land rate was ₹5,324 without abadi plots and ₹4,224 with abadi plots.”

According to officials, the move aims to expedite the land acquisition process in Noida and New Noida also known as the Dadri-Noida-Ghaziabad Investment Region (DNGIR).

Noida has notified an area measuring 209.11 sqkm across 84 villages for the project. Of the 84 villages falling under the DNGIR area, 63 are in Bulandshahr while the remaining 21 are in Gautam Budh Nagar, officials said. However, officials clarified that this rate revision applies only to Noida.

There is a slight difference in the land rates for the DNGIR project. The Authority plans to develop New Noida in four phases. Under the plan, 3,165 hectares will be acquired in Phase 1 by 2027, 3,798 hectares in Phase 2 by 2032, 5,908 hectares in Phase 3 by 2037, and 8,230 hectares in Phase 4 by 2041, said officials.

The Noida authority said that in the New Noida’s Phase 1 and Phase 2, Noida has planned to give compensation to the Greater Noida Authority along with 6per cent developed plots. In the and in Phase 3 and Phase 4, the land rate will be equal to Yamuna Authority’s rate and 7per cent developed plots.

Last week, the Greater Noida authority revised its land rate from ₹4,125 to ₹6,415 per sqm, while the Yamuna authority recently revised its land compensation rate from ₹4,300 to ₹4,558 per sqm, officials said.