Cigarette seller bids Rs 3.35 lakh per month in auction for kiosk by Noida Authority

New Delhi: After Mumbai and other metropolitan cities, Uttar Pradesh’s Noida is emerging as an economic hub, where one can find small-scale businesses to big firms and film cities. This has led to a huge demand for commercial properties and a rise in their buying and renting prices. A case from Noida Sector 18, where a man was ready to pay Rs 3.35 lakh per month to Noida Authority, to rent a small kiosk, is a prime example of the same.

In Noida Sector 18, a cigarette and gutkha seller agreed to pay a big amount to rent a kiosk of size 7.59 square meters. Noida Authority auctioned the kiosk and Rs 27,000 per month was set as the base rent for the same. Cigarette seller Sonu Kumar Jha won the bid by agreeing to pay Rs 3.35 lakh per month.

Two men Sumit Awana and Siddhershwar Nath bid Rs 1.9 lakh per month, while Vinod Kumar Prasad was ready to pay Rs 1.03 lakh per month. Bids of Rs 1.8 lakh and Rs 70,000 also emerged in the auction.

Sonu Kumar Jha, who won the kiosk, will have to pay advance rent for 14 months, which means he has to pay Rs 45 lakh to the Noida Authority. The department collected a total of Rs 1.25 crore per month through the total kiosks auctioned.

A total of 10 kiosks were to be auctioned, while only seven were bought for rent by sellers. Reportedly, 20 people bid for the kiosk bought by Sonu Jha.

The skyrocketing prices for commercial properties are not a new trend in Noida.