Heathrow has proposed an improved compensation for the residents affected by the expansion plans as well as the introduction of congestion charge for those dropping off passengers at the airport.
The £550m compensation will be allocated for noise insulation and property compensation, and Heathrow’s revised proposals will be discussed with local people during public consultation this summer.
According to estimates, about 750 homes would need to be compulsorily purchased for the construction of a third runway.
The airport is proposing compensation of 25% above market value as well as stamp duty costs and all legal fees to cover the costs associated with buying a new home.
The Airports Commission is also considering two expansion proposals for Heathrow: a 3,500-metre runway to the north-west of the airport, and extension of the existing northern runway to at least 6,000 metres.
Heathrow said its £17 billion third runway would boost the UK economy by £100 billion and create around 100,000 jobs.
A second runway at Gatwick airport in West Sussex is the other shortlisted option. In addition, the commission is considering the option of a new airport in the Thames estuary, dubbed as "Boris Island" scheme.
According to Gatwick, its £7.8bn second runway project is a cheaper and more beneficial option than Heathrow's. The airport’s expansion would:
• Create more than 120,000 operational and engineering jobs in London and south-east England, and deliver £40bn more in economic benefits to the UK than expansion at Heathrow.
• Enable more people to fly to more destinations: 10 million more passengers each year would be able to travel with a second runway at Gatwick than with a third runway at Heathrow.
• Be completed about five years earlier than a third runway at Heathrow at no additional cost or risk to the taxpayer.
• Produce less noise nuisance – a second runway at Gatwick would affect only 14,000 people compared to the 240,000 people currently affected by noise from Heathrow.
Photo Source: Heathrow Airport Parking