Chandigarh, March 20 (IANS) The Punjab government Thursday decided to offer a lump sum compensation of Rs.15 million ($372,671) per acre to farmers whose land will be acquired for the Mohali international airport project, being set up near here. This is the highest-ever compensation being offered for land acquisition by the state government to farmers.

Over 300 acres of land is being acquired by the Punjab government for the international airport project, which is an extension of the civil and defence airport at Chandigarh.

A government spokesman said a compensation of nearly Rs.4.6 billion is expected to be paid to farmers whose land near Mohali town will be acquired.

Giving further concessions, the state cabinet said the affected farmers would also get a waiver of registration fee and stamp duty on the land that they buy in the state with the compensation money.

The land will be acquired within two years.

They would also be entitled for the facility of a power connection for tubewell on priority anywhere in Punjab where they choose to buy land.

The spokesman said that the full amount of compensation would be given to farmers by March 31 this year to speed up the land acquisition project.