Greater Noida: Taking into account the different nature of the verdict that the Allahabad High Court can come up with on the bunch of petitions filed by farmers of 27 villages, the Greater Noida Industrial Development Authority (GNIDA) is mulling over all the possible solutions to end the stalemate.

The GNIDA is of the view that if the HC, in its hearing on August 29, directs to have an out of court settlement, the Authority will offer residential plots in the residential sectors to the farmers of all these villages, instead of providing them additional compensation.

The GNIDA is required to dole out Rs 3000 crore to the farmers as an additional compensation at the rate of Rs 550 per sq metre.

The ongoing land acquisition issue has badly damaged the financial health of the Authority, which is already in debt of Rs 4000 crore and is paying Rs 35 crore per month as interest to banks. Banks have refused to give further loans to the Authority.

After the agreement with farmers of Patwari village, the Authority is giving Rs 351 crore as an additional compensation to them.

A farmer would be given compensation only if he refuses the offer of residential plots. However, the Authority will take the final call in this regard only after the HC verdict.

(JPN/Bureau)