Noida vs Greater Noida yield: Noida Authority hikes farmer compensation by 53%, check highest and lowest land rates
Noida Authority recently increased its compensation rate for farmers by 53% and is offering 5% developed plot in this category. This decision was taken during the 223rd Board Meeting of the Noida Authority which was held on 5 September at the main administrative building located in Sector-96.
Besides this, several key decisions were taken in the meeting convened by Chairman Deepak Kumar. As Noida Authority plans to expand New Noida project, it needs farmers’ support to meet its deadlines on time. Seeking enhanced farmer cooperation, it aims to break the deadlock over land acquisition. It is coming up with new attractive schemes to speed up the process and ensure lesser resistance over compensation.
Point number 10 in the press release mentions the revised rates under Noida project.
On Saturday, Noida Authority’s board approved the revised rates due to which compensation will rise from ₹5,324 to ₹6,459 per sqm for land acquired through mutual agreement. Earlier, those farmers who opted for 5% developed plot received ₹4,224 per sqm compensation. But after the latest revision in rates, the cash component has increased by 53% or ₹2,235, The Times of India reported.
According to officials, the raise in compensation will make landowners more willing to part with their land. The purpose of giving developed plots as parcels is to incentivize farmers, so that they can stake claim in the urban development that follows acquisition and later use the plot for construction.
Another attractive compensation scheme guarantees 21% raise but with no developed plot. Notably, the revised rate will be applicable only to acquisitions in Noida region.
Noida Authority CEO Krishna Karunesh suggested that the revised package recognised the contribution of farmers to the city’s growth and said, “The objective of this provision is not merely to provide farmers with land compensation, but to make them partners in the development of Noida and in the region’s economic prosperity,” The Times of India reported.
New Noida project
New Noida, notified in 2024, spans 209 sqkm planned smart city area which will come up as industrial hub spread across 84 villages in Gautam Budh Nagar and Bulandshahr. Formally called Dadri-Noida-Ghaziabad Investment Region, it aims to ease pressure on urbanized Noida and emerge as a critical economic corridor linking Delhi-Mumbai Industrial Corridor.
The proposed acquisition will spread across four phases – 3,165 hectares by 2027, 3,798 hectares by 2032, 5,908 hectares by 2037 and 8,230 hectares by 2041. The compensation rates for New Noida project will vary by phase. As per the report, farmers will get Greater Noida Authority’s compensation rate along with 6% developed plots in the first and second phases of the project. Yamuna Authority’s rates will be applicable in third and fourth phases along with 7% developed plots.
The adjustment in Noida project compensation rates follows revision in Greater Noida rates that came about last week when the rate was increased to ₹6,415 per sqm from ₹4,125. Yamuna Authority also hiked its rate from ₹4,300 to ₹4,558.
