The Olympic Delivery Authority (ODA) moves on to the 312 hectare site, which has been subject to one of the biggest compulsory purchase orders in living memory, in Stratford, east London, on Thursday.

David Higgins, chief executive of the ODA which is in charge of building Games facilities and infrastructure, said: "We are where we thought we would be two years on. We are right on schedule.

"We have had a great start and it puts us in a good position to get on with the big build after Beijing 2008.

"This is a project without precedent. Twice the size of Heathrow T5 in half the time and one of the biggest construction jobs in the world.

"Now we will have full control of the site the pace of work can really accelerate."

The last of the 208 businesses, 425 residents, 35 traveller families, 64 allotment holders and the entire Eastway Cycle Circuit have been relocated at a cost of £650 million, the London Development Agency confirmed.

Compulsory purchase powers of eviction or offering residents or businesses compensation to move or shut down were used in 2% of the deals made with 2,200 land and property owners.

A massive clear-up of contaminated land will get under way before building work on the Olympic Stadium begins in summer next year. It is set to shrink from 80,000 seats to 25,000 after the Games.

London Mayor Ken Livingstone said: "This is a truly fantastic achievement. With the world watching and many cynics predicting failure and that the 2012 Games would be jeopardised, the London Development Agency worked professionally and steadily to assemble the land needed for the 2012 Games on time and budget."