The Greater Noida Development Authority has an announced an increase in lump sum lease rent for residential and group housing properties effective from September 15. Currently, the annual lease rent of these properties is 1 per cent of the total premium, while the lump sum lease rent is 11 per cent which will be increased to 15 percent after September 15. However, this hike will not apply to those who have already made the lump sum payment.
Lease rent rates have also been increased for industrial, commercial, IT, and institutional properties. Currently, the annual lease rent for these properties is 2.5 per cent, whose lump sum payment rate is 27.5 percent of the total premium. After September 15, this will be increased from 27.5 per cent to 37.5 per cent.
This decision was approved by the Greater Noida Authority Board in a meeting on June 15 and the official order was issued on July 31. The order stated that new allotments made after June 15 will have to pay as per the increased rate. The new rates will also apply to properties with unpaid lease rents for the past 15 years.
For a residential property with a total premium of Rs 10 lakh, the lump sum lease rent will rise from Rs 1.1 lakh to Rs 1.5 lakh after September 15. Similarly, for industrial properties with total premium of Rs 10 lakh, the lump sum lease rent will rise from Rs 2.75 lakh to Rs 3.75 lakh.
Greater Noida Authority CEO Ravi Kumar NG said that the authority earns revenue of more than Rs 400 crore annually from lease rent. This amount is utilized for development activities including land acquisition, infrastructure improvement and maintenance in the city.
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