Gautam Budh Nagar stamp department’s revenue collection jumps 18 percent in FY24

Gautam Budh Nagar stamp department’s revenue collection jumps by 18 percent in FY 2023-24 at Rs 3585 crore

With the development authorities in charge of the Delhi suburbs of Noida, Greater Noida and the housing clusters along the Yamuna Expressway Authorities allowing the registreation of flats in stalled projects, the stamp and registration department of Gautam Budh Nagar, the district that these areas fall in, has witnessed a jump of around 18 percent in its revenue collection for the financial year 2023-24 compared with FY23.

According to officials of the district administration, the department recorded a revenue of Rs 3,585 crore in the FY24. However, this was below the target of Rs 4,728 crore for the fiscal. A year earlier, the revenue collection figure stood atRs 3,018 crore.

An official of the stamp and registration department said that the higher revenue collection in FY24 was directly attributable to the decision permitting the registry of flats across stalled housing projects where such documentation has been pending for the last many years.

Also Read: Stamp department issues notices to 88 builders for not registering nearly 13,000 flats in Noida and Greater Noida

“The revenue collection in FY 2023-24 is Rs 3,585 crore which is more than that collected in the previous financial year. It is largely because the development authorities in the district gave permission for more registries that have been pending for years. This has encouraged homebuyers to execute registries hence our revenue increased as compared to last financial year," an official of the district administration told Moneycontrol.

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He added that despite being given permission, many registriations are yet to be executed so revenue collection is likely to increase further in 2024-25.

The official added that the revenue collection target for 2024-25 has been set at around Rs 4,800 crore.

Registries were pending in Noida, Greater Noida and Yamuna Expressway regions because of non-payment of dues by builders.

According to official estimates, real estate developers collectively owe around Rs 44,700 crore to the development authorities in Gautam Budh Nagar. They owe almost Rs 26,000 crore to the Noida Authority and about Rs 14,000 crore to the Greater Noida Industrial Development Authority (GNIDA) and Rs 4,700 crore to the Yamuna Expressway Industrial Development Authority (YEIDA).

These bodies recently allowed the leeway in registrations after the Uttar Pradesh government in December 2023 adopted the recommendations of the Amitabh Kant committee on legacy stalled housing projects, which had submitted its report in August 2023.

GNIDA executed registries of 1,366 flats across 16 housing projects in March 2024 alone under the Kant panel recommendations, wherein the developer has to pay 25 percent of the total owed to the authority for this purpose.

Similarly, Noida Authority has also said that it has given permission for the registry of over 13,000 apartments in 35 projects after builders gave an undertaking to clear their financial dues.

To obtain permission for registry of ready apartments in Noida, developers have agreed to pay Rs 552 crore worth of dues, or 25 percent of their total owed amount of Rs 2000 crore, the official said.