The stamp and registration department of Gautam Budh Nagar district, encompassing Delhi suburbs like Noida, Greater Noida, and housing clusters along the Yamuna Expressway, has witnessed a notable 18 percent increase in revenue collection for the fiscal year 2023-24 compared to the previous fiscal year.
Officials from the district administration reported that the department recorded a revenue of Rs 3,585 crore in FY24, although it fell short of the Rs 4,728 crore target for the fiscal. This marked an increase from the revenue collection figure of Rs 3,018 crore in the preceding fiscal year.
An official from the stamp and registration department attributed the higher revenue collection in FY24 to the decision allowing the registration of flats in stalled housing projects, where such documentation had been pending for several years.
Despite the permissions granted, many registrations are yet to be executed, suggesting that revenue collection is likely to further increase in the fiscal year 2024-25.
The revenue collection target for 2024-25 has been set at around Rs 4,800 crore.
Registry permissions had been pending in regions like Noida, Greater Noida, and Yamuna Expressway due to non-payment of dues by builders.
Real estate developers collectively owe around Rs 44,700 crore to the development authorities in Gautam Budh Nagar, with approximately Rs 26,000 crore owed to the Noida Authority, 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 authorities recently allowed leeway in registrations following the adoption of the recommendations of the Amitabh Kant committee by the Uttar Pradesh government in December 2023. GNIDA executed registries of 1,366 flats across 16 housing projects in March 2024 alone under the Kant panel recommendations, where developers had to pay 25 percent of the total owed to the authority.
Similarly, the Noida Authority granted permission for the registry of over 13,000 apartments in 35 projects after builders committed to clearing their financial dues. To obtain permission for registry of ready apartments in Noida, developers have agreed to pay Rs 552 crore worth of dues, equivalent to 25 percent of their total owed amount of Rs 2000 crore, the official noted.
