The decision in this regard was taken at the cabinet meeting, Information and Culture Affairs Minister K C Joseph told reporters here.
He said government had decided to give "fair and just compensation" to those whose lands will be acquired for further development of the runway of the airport.
Many persons were willing to give their land and Kozhikode District Collector would negotiate with the owners and take a decision, he said.
The runway expansion work had been facing road block as land acquisition proceedings were limping.
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But due to instability of its runway, the authorities had partially closed it, resulting in drastic reduction of services by various airlines and cancellation of wide-bodied aircraft to Kozhikode.
This had caused hardships not only to the travellers from the districts of Kozhikode, Malappuram and Wayanad, but also adversely affecting the farmers and exporters from this region who send their products to the Gulf region.
The Greater Malabar Initiative, an organisation working for the betterment of the North Kerala region, had recently met the Chief Minister seeking his intervention in the matter.