Connect with us

News

DMRC to pay Re 1 annual rent to DDA

Delhi metro

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.

Latest News

News10 hours ago

UP Real Estate Appellate Tribunal’s “Online Justice Delivery System” awarded for Innovative Technology for Smart Governance by Computer Society of India

U.P. Real Estate Appellate Tribunal’s “Online Justice Delivery System” has been awarded for Innovative Technology for Smart Governance and selected...

News1 day ago

52% NRIs see Indian commercial properties emerging as a new asset class

The Indian real estate segment demonstrates an upward trajectory with the projection to exhibit a growth rate of 9.2% CAGR...

Guest Column1 day ago

Welspun Gp acquires Sintex BAPL

Mumbai, March 30, 2023: Welspun Group has acquired the plastic industry market leader, Sintex.  Sintex’s auto business already has a...

New Launches1 day ago

Naiknavare Developers launches Avasa, new vertical of structured plots; commences e-commerce platform designed for plotting

Pune, March 30, 2023: Naiknavare Developers, renowned for its well-thought-out community-centric residential and commercial projects in Pune, Mumbai, and Goa, today announced it...

News1 day ago

Residential demand up 14.2%, supply grew 1.9% YoY: Magicbricks PropIndex Report, Jan-Mar’23

New Delhi/Noida, March 30, 2023: Continuing on the path of resilience and overall growth, India’s residential demand increased 14.2% and...

News1 day ago

Mahindra Life transacts with Alliance Gp for 9.24 acres at Mahindra World City, Chennai

New Delhi, March 29, 2023: Mahindra Lifespace Developers Ltd. (MLDL), the real estate and infrastructure development business of the Mahindra...

Trending