April 3, 2024: Gautam Budh Nagar has witnessed an increase of 18% in revenue collection by stamp department for the financial year 2023-24 compared to the previous year, according to media reports. The higher revenue collection this year was directly attributable to the decision to allow the registry of flats across stalled housing projects where such documentation has been pending for many years, an official of the stamp and registration department said, as cited in a Moneycontrol report.
According to officials of the district administration, the department registered a revenue of Rs 3,585 crore in FY24. However, this was below the target of Rs 4,728 crore for the fiscal. A year earlier, the revenue collection figure stood at Rs 3,018 crore, the report said.
Despite being given permission, many registrations have yet to be executed, so revenue collection is likely to increase further in 2024-25, an official told Moneycontrol.
The report mentioned that registries were pending in Noida, Greater Noida and Yamuna Expressway regions because of non-payment of dues by builders. As per official estimates, developers collectively owe around Rs 44,700 crore to the development authorities in Gautam Budh Nagar. They owe around Rs 26,000 crore to the Noida Authority and around 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).
In December 2023, the Uttar Pradesh Cabinet, led by chief minister Yogi Adityanath, on December 19, 2023, approved the implementation of the recommendations by the Amitabh Kant committee report on real estate projects.
In March 2024, GNIDA recorded registries of 1,366 flats across 16 housing projects under the Kant panel recommendations, wherein the developer has to pay 25% of the total owed to the authority for this purpose. Further, Noida Authority has granted permission for the registry of 13,639 apartments in 35 projects after developers agreed to clear their financial dues.
To receive permission for registry of ready apartments in Noida, developers have agreed to pay Rs 552 crore worth of dues, or 25% of their total owed amount of Rs 2000 crore, the official said as cited in the report.
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Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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