Noida introduces new lease scheme

From July 1, the Noida Authority is going to abolish the existing one-time lease rent scheme (OTLRS) and introduce a new scheme where the allottee will have to pay lease rent every 10 years.

From July 1, the Noida Authority is going to abolish the existing one-time lease rent scheme (OTLRS) and introduce a new scheme where the allottee will have to pay lease rent every 10 years.

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Allottees and prospective buyers have protested against the move by saying it will reduce landlords to tenants since the lease rent, taken on a monthly average, will run in thousands of rupee.

Also, they will end up paying 5 times the money they pay for the plot now.
The Noida Board, at its 132nd Board meeting in February, had abolished the OTLRS and proposed the new structure.

But its implementation was delayed due to public protests.

The Authority had given a last chance to allottees for applying before June 20 and avail the existing benefits, they could pay till June 30.