• Source:JND
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Greater Noida Rent Hike:  The one-time rent for residential properties in Greater Noida will rise to 15 times the yearly rent after September 15. The yearly rent for residential properties and group housing is one percent of the overall premium, with the one-time payment accounting for 11 percent.

The yearly rent for other assets, such as IT, commercial, industrial, and institutional buildings, is 2.5 percent, and the one-time payment is 27.5 percent of the total premium.

The Greater Noida Board authorised the modification of the one-time rent to 15 times the annual rent for all properties after September 15 during its meeting on June 15.

According to the formal order released on July 31, all new allotments made after June 15 would be required to pay the higher cost from the start. The increase will not impact those who have previously made lump sum payments.

For instance, a yearly rent of Rs 10,000 is due for a residential property with a total premium of Rs 10 lakh. The whole rent would be Rs 1.1 lakh if it is paid in full by September 15. Subsequently, the sum escalates to Rs 1.5 lakh, representing 15 percent of the whole premium.

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The monthly rent for a commercial property that has a total premium of Rs 10 lakh is Rs 25,000.

If the one-time rent is paid before the deadline, it will cost Rs 2.75 lakh; if it is paid after that, it will cost Rs 3.75 lakh, which is equivalent to 37.5 percent of the entire 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.”

According to an official release, the Greater Noida Industrial Development Authority (GNIDA) board accepted a request, a few months ago, to raise land allotment rates by 5.30 per cent for the financial year 2024–25.

The Greater Noida and Greater Noida West (also known as Noida Extension) development projects that will be built include the Greater Noida West Metro, Multimodal Logistics Hub, and Transport Hub, according to the GNIDA.