Noida plot owners can pay one-time lease rent only by October
Noida authority is ending the scheme allowing payment in one go on September 30noida Updated: Jun 22, 2017 23:32 IST
Residential, commercial and industrial plot owners can pay a one-time lease rent for their properties to the Noida authority only till September 30 this year.
In Noida, plots or flats are sold on a lease-hold basis instead of a free-hold basis. This means that a plot or flat is leased to the buyer for 99 years and he or she has to pay a certain amount as lease rent on the property.
A one-time lease rent payment means paying the lease rent for 11 years together. As per a new scheme, after September 30, one will have to pay lease rent annually as the authority will not accept one-time payment anymore.
However, land where third party rights are involved, such as group housing plots where a builder further sub-leases the property to a buyer, the practice of paying one-time lease rent will be continued.
The authority’s move is aimed at collecting revenue to fund its various developmental and civic projects.
“We have issued a public notice informing residential and industrial plot owners that they can pay one-time lease rent only till September 30, 2017. From October 1, the scheme under which we allow this one-time payment will cease to exist,” said Manmohan Mishra, financial controller, Noida authority.
The authority’s finance department was unable to say how much money it will collect if all the authority’s plot allottees pay up their one-time rent by the end of September.
“I cannot tell you the exact number of plot allottees who will be affected. The move will benefit the authority as we will earn revenue in one-time payments. It will benefit plot allottees as after October 1, 2017, they will be able to pay their lease rent in small instalments, instead of paying the whole amount in one go,” said another official.