Farmers in Noida, Greater Noida, and Yamuna Expressway areas are likely to receive higher compensation for their land very soon. The officials of all three authorities have completed two rounds of meetings to discuss the revision of land acquisition rates. Based on the consensus reached in these meetings, a proposal for new rates has been prepared and sent to the Uttar Pradesh government in Lucknow for approval.
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Proposed New Rates for Farmers
According to reports, the authorities have proposed a significant increase in the compensation amount to match market conditions. The Noida Authority has not increased rates for about five years, while Greater Noida rates have been stable for seven years. The new proposal suggests the following changes:
- Noida: The current rate is around Rs 5,100 per sq meter. The proposal suggests increasing it to Rs 9,000 per sq meter.
- Greater Noida: The rate may go up from Rs 4,125 per sq meter to Rs 7,000 per sq meter.
- Yamuna Authority (YEIDA): There is a possibility of a 20 to 25 percent hike on the current rate of Rs 4,300 per sq meter.
Why Rates Are Increasing
The authorities are facing difficulties in acquiring land because the current government rates are much lower than the market rates. Farmers are often unwilling to give up their land at existing prices. To solve this, the authorities now want to focus on purchasing land through direct mutual agreement to avoid legal delays. Once the state government gives the green signal, the three authorities will pass the new rates in their board meetings expected in late February or early March.
