In the wake of speeding-up the work of Jewar Airport, Noida Authority approves the funding of Rs. 1070 crores for the project. The purpose of doing so is to ensure that the development of Jewar Airport completes well on time. This decision was taken by the authorities in Noida Authority196th board meeting. As a part of the meeting, a senior official revealed the estimated budget to fall in Rs. 15000 to Rs. 20000 crores for sure. It is quite certain that the development of the airport would require a land area of 5000 hectares. In making the Jewar Airport, the State Government and Noida Authority will contribute a Rs. 1500 crores each; while, Greater Noida and Yamuna Expressway Authorities will give Rs. 500 crores.
The funds released by the Noida Authority for Jewar Airport will be used for acquiring land and providing extensive compensation to farmers because their lands will be taken to build the airport. This airport is second in the NCR region after the Indira Gandhi International Airport. In fact, it is expected to go functional by 2022-23 for sure. In this matter, the administration is working towards acquiring 1,344 hectares of land across six villages as a part of the first phase of the project.
"The authority has given an approval for releasing funds of Rs 1,069.50 crores for the construction of Noida International Green Field Airport at Jewar. The funds will be used for land acquisition and providing compensation to farmers, lands of whom have been acquired by the authority for the construction of the airport project," said a senior official of Noida authority. Assisting the speedy development, the Noida Authority has already sanctioned an amount of Rs. 1,259 for the land acquisition process.Along with the respective construction, the authority has taken decision of the management of the solid waste system in the city. Keeping their note in this matter, the authority has decided to reimburse 50 percent of the electricity bill for operating automatic compost machine. Along with this, a subsidy of 25 percent of the electricity bill would be given by the authority. Also, the board has implemented the policy of re-schedulement of debts on the builders. By doing so, the authorities aim to overcome the problem between home buyers and the builder. Taking note of the compensation provided to the farmers for acquiring their land, he authority will provide an amount equal to 5 percent of the developed plot.