The Greater Noida Development Authority has announced a one-time lease rent increase for residential and group housing estates. (representative picture)
Lease rental rates in Greater Noida are going to increase soon. Find out how much you can save now to avoid rising costs on residential and industrial properties
The Greater Noida Development Authority has announced a one-time increase in leasing rent for residential and collective housing properties with effect from September 15. , will increase to 15% after September 15th.
Lease rents for industrial, commercial, IT and institutional properties also increased. Currently, the annual rent for these properties is 2.5%, with a one-time payment rate of 27.5% of the total premium. After September 15, this proportion will increase from 27.5% to 37.5%.
The decision was approved by the Greater Noida Authority board in its meeting on June 15 and a formal order was issued on July 31. Rates paid. The new rates also apply to properties with unpaid lease rent for the past 15 years.
For residential properties with a total premium of Rs 10 lakh, the one-time lease rent will increase from Rs 1.10,000 to Rs 1.50,000 after September 15. 1.10 Lakhs increased to 1.5 Lakhs.
Ravi Kumar NG, CEO of the Greater Noida Authority, said the authority earns over Rs 400 crore annually from lease rentals. The funds are used for development activities in the city, including land acquisition, infrastructure improvements and maintenance.
