GREATER NOIDA:In a move aimed at easing the land acquisition process and ensuring timely payments, the Yamuna Expressway Industrial Development Authority (Yeida) announced on Thursday that it will pay full compensation to farmers within 72 hours of land registry and possession.
₹8,000 crore to around 7,000 farmers for 2,400 hectares of land acquired in the first two phases. (HT Archives/Sunil Ghosh)” title=”Yeida has already disbursed compensation of over ₹8,000 crore to around 7,000 farmers for 2,400 hectares of land acquired in the first two phases. (HT Archives/Sunil Ghosh)” />The initiative is designed to reduce the hardship faced by farmers during the compensation process and to expedite development work in the region around the Noida International Airport, officials said.
The move will help the authority procure the land without litigation or dispute and accelerate the developmental work in this region, said officials.
The authority will ensure prompt payments, addressing long-standing delays that often stretched for months and caused protests by farmers, while slowing down development projects, added officials.
“The authority has decided to speed up land acquisition to support settlement and industrial activities. Timely compensation will also allow construction and development work to begin without hindrance. We want the farmers to get their full compensation with ease without waiting for long as the farmers play a pivotal role in the development,” said Yeida chief executive officer RK Singh.
The authority has been allocated ₹3,000 crore by the government, primarily for land acquisition around the airport and related infrastructure projects. An additional ₹2,000 crore has been proposed and is expected to be released soon. Officials added that funds are being raised through residential, industrial, and other plot allotment schemes to ensure continuous cash flow for compensation payments, officials said.
The Yeida has already disbursed compensation of over ₹8,000 crore to around 7,000 farmers for 2,400 hectares of land acquired in the first two phases. In the upcoming phase, the authority plans to acquire more than 1,800 hectares, benefitting approximately 14,000 farmers.
Acquisition for other development projects is also underway in sectors 4, 5, 8, 10, 11, 28, 32, 33, and surrounding areas, added officials.
The authority has no shortage of budget which will help expedite development work in the city, said officials. With these measures, Yeida aims to ensure faster project execution, fair compensation for farmers, and accelerated urban and industrial growth along the Yamuna Expressway corridor.