Stamp duty revenues increase in Gautam Budh Nagar despite housing registry backlog

Despite a slowdown in housing registries in the city, stamp duty revenues from the district increased significantly in the 2022-23 fiscal year as the economy recovered after two years of pandemic setbacks.

Housing registers may be backed up in the city, but stamp duty earnings from the district increased significantly in the 2022–23 fiscal year as the economy recovered after two years of pandemic losses.

According to the registration and stamps department, 1.4 lakh properties, including plots, were registered in Gautam Budh Nagar during the 2022–23 fiscal year, generating Rs 3,018 crore in stamp duty and registration fees. A total of 1.2 lakh properties were registered in the previous fiscal year, generating revenue of Rs 2,377 crore.

When the pandemic struck in 2020–21, property registration revenue had fallen to Rs 1,593 crore, which was 50% below the Rs 3,148 crore anticipated target for that fiscal year. The next year, the collection somewhat increased but fell 31% short of the Rs 3,463 crore yearly target.

The state government set an ambitious goal of Rs 4,062 crore for the fiscal year 2022–2023. Revenues have fallen short by almost 25%.

Officials claim that over the past six years, the department has failed to meet its targets. For example, in 2016–17, it collected $1,761 against a target of $2,222; in 2017–18, it collected $1,685 against a target of $2,252; in 2018–19, it collected $1,879 against a target of $2,532; and in 2019–20, it collected $1,856 against a target of $2,597.

Stalled flat registrations in numerous Noida housing societies as a result of the deadlock over the repayment of legacy debts between real estate firms and the Noida Authority are one of the causes affecting revenue collection. In order for homebuyers to verify the status of the projects they have invested in, the Noida Authority recently released information about all residential properties on its website. That indicates that, since April 1 of last year, just about 3,500 registrations have been completed. Prior to that, in 2021–2022, just 2,424 residential properties were registered.

According to Abhishek Kumar, president of the Noida Extension Flat Owners Welfare Association, thousands of homebuyers are unable to obtain deeds for their flats as a result of the standoff in both Noida and Greater Noida. “We do not know the exact number of flats that have been registered this year. He urged the government to act and expedite the registration of apartments.

According to information shared by the six sub-registrar offices—three in Noida, one in Dadri, Sadar, and Jewar—the Noida 1 office registered 11,952 properties in 2022–2023 as opposed to 10,117 the year before. Noida 1 covers sectors like 1, 4, 7, 14, 14-A, 17, 20, 23, 26, 29, 32, 35, 74, and 77.

In comparison to the 10,379 properties registered in the previous year, the Noida 2 office, which covers sectors 2, 5, 8, 11, 15, 15-A, 18, 21, 24, 27, 72, 75, 78, and 135, registered 12,345 properties this year. Noida 3, registered 11,796 properties against the previous year’s 8,096, which covers sectors 3, 6, 9, 12, 16-B, 19, 22, 25, 73, 76, 136 and others.

A total of 52,060 properties were registered at the Dadri sub-registrar office, which covers Greater Noida West. Around 45,187 properties were registered at the office in the previous year.

Compared to 30,524 properties registered last year, 36,994 were registered this year by the Sadar sub-registrar’s office. 

This year, only the Jewar office saw a slight decline in property registrations. In comparison to the 18,335 properties registered the year before, 16,587 properties in total were this year. The government has reportedly purchased a sizeable piece of land for the Noida International Airport, according to a representative from the Jewar sub-registrar’s office. Farmers who received compensation purchased agricultural land in nearby districts. Other landowners are in hope that their properties will eventually be acquired by the government as part of the second land acquisition phase. Because of this, fewer lease deeds are being registered in the Jewar area, he claimed.

Currently, properties in Gautam Budh Nagar are subject to a 5% stamp duty and a 1% registration fee. The registration fee is 1%, and the stamp duty is 7% for properties in the Yamuna authority’s jurisdiction.

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