5.30% increase in property allotment rates of all categories in Greater Noida, important decision also taken in the meeting on lease rates

Manish Singh, Greater Noida: The 135th board meeting of Greater Noida Authority was held on Saturday under the chairmanship of Manoj Kumar Singh, Chairman of Greater Noida Authority Board. In this board meeting, Greater Noida Authority has fixed the property allotment rates for the financial year 2024-25. There has been a marginal increase of 5.30 percent in the current rates of all types of property. This proposal has been approved in the board meeting of Greater Noida Authority on Saturday. Now an office order to this effect will be issued by the Finance Department soon.

The new rates will be considered effective from April 01. Many development projects are coming up in Greater Noida and Greater Noida West, which also include ambitious projects like Greater Noida West Metro, Multimodal Logistics Hub and Transport Hub. Keeping in view the development projects, property allotment rates are fixed in every financial year. The board has approved the proposal to increase the current allotment rates of all properties like industrial, residential, commercial, institutional, builder etc. by 5.30 percent in the financial year 2024-25.

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In the board meeting, like Noida Authority, Greater Noida Authority Board has also decided to take 15 times the annual lease rent on payment of lump sum lease rent. Till now it was 11 times the annual lease rent. However, this decision of the board will come into effect after three months. In this period, the allottees who want to pay the lump sum lease rent can pay 11 times the annual lease rent. Residential properties have been excluded from this. The old system will remain applicable on them.

Decision on lease deed too

The Greater Noida Authority Board has given a big relief to those allottees who, for some reason, have not yet got the lease deed of their residential plots or buildings or have not completed the construction on it and have not taken the completion certificate. The board has given time till 30 October 2024 with late fee for the lease deed of residential plots and buildings and till 30 June 2026 to those who could not get the completion certificate. With this, the allottees of plots located in Alpha, Beta, Gamma, Delta, Swarnagari etc. have got another chance. After this the allotments will be canceled.