In a decisive move, the Greater Noida Authority has announced a substantial increase in one-time property rents, effective from September 15. The new policy will raise the one-time payment to 15 times the annual rent for all property categories, a significant shift from the previous rates. This decision, stemming from a board meeting held on June 15, has been formalised with an official order issued on July 31, reflecting the authority’s commitment to generate additional revenue for urban development.
Currently, residential and group housing properties are charged an annual rent of 1% of the total premium, with the one-time payment set at 11%. Under the revised scheme, this will escalate, placing further financial pressure on property holders. For instance, a residential property with a total premium of ₹10 lakh will see its one-time payment rise from ₹1.1 lakh to ₹1.5 lakh post-deadline. Similarly, commercial properties will witness an increase from ₹2.75 lakh to ₹3.75 lakh, translating to a staggering 37.5% rise in costs. The authority has indicated that these revenue increments, which exceed ₹400 crore annually, are vital for financing critical urban projects, including infrastructure enhancements and land acquisitions.
The urgency behind this adjustment is underscored by the ongoing development initiatives in Greater Noida. Plans are in motion for significant projects such as the Greater Noida West Metro, the Multimodal Logistics Hub, and the Transport Hub, which are expected to bolster connectivity and economic growth in the region. The Chief Executive Officer of the Greater Noida Authority has strongly urged property holders to act swiftly, taking advantage of the current rates before the impending deadline.
