The Greater Noida Authority is raising the one-time rent for residential properties to 15 times the annual rent after September 15. Currently, the annual rent for residential properties and group housing is 1% of the total premium, with a one-time payment set at 11% of the total premium. For other property types, including industrial and commercial, the one-time rent will also increase significantly. The new rates will apply to new allotments made after June 15, while those who have already paid will not be affected.
The Greater Noida Authority has decided to increase the one-time property rent for all categories of properties, which will go into effect after September 15. This change affects residential properties, industrial properties, commercial spaces, IT hubs, and institutional properties.
For residential properties, the current annual rent is 1% of the total property premium. This means that a residential property valued at INR 10 lakh has an annual rent of INR 10,000. If the one-time rent is paid before September 15, it will be INR 1.1 lakh, which is currently set at 11% of the total premium. However, after September 15, this amount will rise to INR 1.5 lakh, increasing to 15 times the annual rent.
For commercial properties, the situation is similar. The monthly rent for a commercial space valued at INR 10 lakh is INR 25,000. If the one-time payment is made before the deadline, it will cost INR 2.75 lakh. Once the cut-off date passes, the cost will increase to INR 3.75 lakh, representing 37.5% of the total premium.
The decision to raise these rates was approved in a board meeting on June 15. An official notification was released on July 31, which outlined that any new leases granted after June 15 will require payment at the new, higher rates from the beginning. However, individuals who have already made full payments will not see an increase.
Ravi Kumar NG, CEO of the Greater Noida Authority, emphasized that the authority collects over INR 400 crore each year from lease fees, which are used to fund development projects such as land acquisition and infrastructure upgrades in the city. He encouraged citizens to take advantage of the current rate before the increase takes effect.
Additionally, the Greater Noida Industrial Development Authority (GNIDA) recently approved a 5.30% increase in land allocation rates for the financial year 2024-25.
Several significant development initiatives are planned for Greater Noida and the Greater Noida West area, including the construction of the Greater Noida West Metro, a Multimodal Logistics Hub, and a Transport Hub, according to the GNIDA.
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