Greater Noida Authority Board Meeting : Lease Rent on Commercial Rent restored to old tariff, group housing allotment policy revised

Greater Noida Industrial Development Authority conducted its 109th Board meeting on Friday. Major decision of the meeting focused on providing relief to buyer fraternity who have been suffering for long in the region.

Following in the footsteps of Noida and Yamuna Expressway Industrial Authority, Greater Noida Authority has also revised its policy of allotting group housing plots.

Now onwards, the allottees in this segment will have to deposit 10% of the land cost at the time of property registration. Thereafter another 20% will have to be paid after allotment of the land. The remaining 70% amount will have to be collected in 14 bi-annual instalments which will go on for next 7 years. As of now only 10% of amount was being collected by authority during registration and allotment processes combined together and a12 year time was being provided for collection of rest amount.

Greater Noida Authority also restored the old tariff for lease rent on commercial property by calling off the 2009 order which was issued during Mayawati government.

The lease rent on commercial property now will be 27.5% instead of 11% and yearly rent will be 2% in place of 1%.

Speaking after the board meeting Greater Noida Authority CEO Debasish Panda said that Authority is completely focused to resolve land allotment issues of farmers as well as flat buyer woos.

He also informed that process will soon start for installing an end to end ERP solution in the authority. The implementation of ERP is aimed at digitizing and collectively binding the complex structure of authorities departments and services.