The Greater Noida Authority has announced a substantial increase in one-time property rent, which will rise to 15 times the annual rent for all property categories starting September 15. This decision follows the board’s resolution during its meeting on June 15, and the official order was issued on July 31.
Currently, residential and group housing properties are subject to an annual rent of 1 per cent of the total premium, with a one-time payment set at 11 per cent of the total premium. Under the new policy, the one-time payment will escalate to 15 times the annual rent. For other property types, including industrial, commercial, IT, and institutional properties, the annual rent stands at 2.5 per cent, with the one-time payment at 27.5 per cent of the total premium. The new rate will apply to all new allotments from June 15 onwards.
For instance, a residential property with a total premium of ₹10 lakh currently incurs an annual rent of ₹10,000. If the one-time payment is made before September 15, it will amount to ₹1.1 lakh. Post-deadline, this amount will increase to ₹1.5 lakh. Similarly, for a commercial property with a total premium of ₹10 lakh, the one-time rent currently at ₹2.75 lakh will rise to ₹3.75 lakh, representing a 37.5 per cent increase.
The Chief Executive Officer of the Greater Noida Authority explained that the increased revenue, which exceeds ₹400 crore annually, is crucial for funding urban development projects, including land acquisition, infrastructure enhancements, and maintenance. The CEO urged property holders to take advantage of the current rates before the deadline to benefit from the lower costs. This rate adjustment aligns with recent increases in land allocation rates, which were raised by 5.30 per cent for the financial year 2024-25. The Greater Noida Industrial Development Authority (GNIDA) has outlined significant development plans, including the Greater Noida West Metro, Multimodal Logistics Hub, and Transport Hub, which are set to advance infrastructure in Greater Noida and Noida Extension.
