Greater Noida News: Residents and property owners in Greater Noida are set to face a substantial increase in the one-time rent for residential properties, which will rise to 15 times the annual rent after September 15, 2024. Currently, the annual rent for residential properties and group housing is 1 percent of the total premium, with the one-time payment set at 11 percent of the total premium.
Changes for All Property Types
The Greater Noida Board approved this significant revision during its meeting on June 15, 2024. The new rates will apply to all types of properties, including industrial, commercial, IT, and institutional properties. For these non-residential properties, the annual rent is currently set at 2.5 percent of the total premium, while the one-time payment is 27.5 percent of the total premium.
An official order issued on July 31, 2024, clarified that new allotments made after June 15 will be subject to the revised rates from the start. Those who have already paid the lump sum amounts will not be affected by this increase.
Impact on Property Owners
To illustrate the impact of the change, consider a residential property with a total premium of Rs 10 lakh. Under the current system, an annual rent of Rs 10,000 is payable. If paid in a single installment before September 15, the amount is Rs 1.1 lakh. However, after the cut-off date, this amount will increase to Rs 1.5 lakh, reflecting 15 percent of the total premium.
Similarly, for a commercial property with a total premium of Rs 10 lakh, the monthly rent is Rs 25,000. The one-time rent payment before September 15 will be Rs 2.75 lakh, but after the deadline, it will rise to Rs 3.75 lakh, representing 37.5 percent of the total premium.
Official Statement
Ravi Kumar NG, CEO of the Greater Noida Authority, emphasized the importance of this change, noting that the authority collects more than Rs 400 crore annually from lease fees. “The funds collected are used for essential development activities, including land acquisition, infrastructure improvement, and maintenance work in the city. We urge citizens to benefit from the current rates before the increase takes effect,” said Kumar.
The additional funds generated from this increase will support critical urban development projects, furthering the growth and improvement of Greater Noida’s infrastructure.
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