The one-time rent for residential properties in Greater Noida is set to increase to 15 times the annual rent after September 15. Currently, the annual rent for residential properties and group housing is 1 per cent of the total premium and the one-time payment is 11 per cent of the total premium.
For other properties, including industrial, commercial, IT and institutional properties, the annual rent is 2.5 per cent and the one-time payment is 27.5 per cent of the total premium.
In its meeting on June 15, the Greater Noida Board approved the revision of the one-time rent to 15 times the annual rent for all properties from September 15.
The official order was issued on July 31 and states that new allotments made after June 15 will have to pay the increased rate from the beginning. The increase will not affect those who have already paid lump sums.
For example, for a residential property with a total premium of Rs 10 lakh, an annual rent of Rs 10,000 is payable. If the rent is paid in a single instalment before September 15, the amount will be Rs 1.1 lakh. After that, the amount increases to Rs 1.5 lakh (15 per cent of the total premium).
For a commercial property with a total premium of Rs 10 lakh, the monthly rent will be Rs 25,000.
The one-time rent paid before the cut-off date will cost Rs 2.75 lakh, but after that, it will cost Rs 3.75 lakh (37.5 per cent of the total premium).
Ravi Kumar NG, CEO of Greater Noida Authority, said, “The authority, which collects more than Rs 400 crore annually from the lease fees, uses the funds for development activities including land acquisition, infrastructure improvement and maintenance work in the city. We request citizens benefit from the current rates. The funds collected will be used to support important urban development projects.”
A few months ago, the Greater Noida Industrial Development Authority (GNIDA) board approved a proposal to increase land allocation rates by 5.30 per cent for the financial year 2024-25, according to an official statement.
Several development projects, including the Greater Noida West Metro, Multimodal Logistics Hub and Transport Hub, will come up in Greater Noida and Greater Noida West (also known as Noida Extension), the GNIDA said.
