News
DMRC to pay Re 1 annual rent to DDA


In what will come as a big relief for Delhi Metro Rail Corporation (DMRC) for property development to generate revenue, the urban development ministry has decided to direct Delhi Development Authority (DDA) to charge land rent at only Re 1 per annum. This rate will be applicable for 99 years’ lease.
According to a published media report, the decision was taken by the UD ministry last week after several rounds of deliberations. DMRC had said DDA, in its land allotment letters, was mentioning that the corporation needed to pay 2.5 per cent of the land premium, which is substantial.
The sources said the ministry went through the details of Cabinet decisions of September 1996 when it was decided that “land taken over or acquired for Metro rail project would be made over to the DMRC on 99 years’ lease at a nominal rent of Re 1 per annum”.
Officials said DDA has been raising higher rent demand since land under its possession is governed under Nazul norms.
-
News2 weeks ago
Floor property prices to shoot up post Haryana Govt’s decision revoke construction of stilt plus four floors
-
News4 weeks ago
Samtel Avionics MD & CEO, Puneet Kaura takes over as the Chairman, CII Delhi State
-
News2 weeks ago
Office spaces demand move up in Faridabad
-
Developers Speak4 weeks ago
Mopa Airport is catapulting Sindhudurg into a thriving second home market
-
New Launches3 weeks ago
Magicbricks launches AI powered marketing solution tool, PMS
-
News4 weeks ago
Increased participation of Women needed in Real Estate, Construction sectors for $5 trillion Indian Economy: Naredco Mahi
-
News4 weeks ago
Embassy enters into strategic sale of its partial shareholding in Embassy Office Parks REIT, “Embassy REIT” to Bain Capital
-
New Launches2 weeks ago
CRC launches housing project, CRC Joyous