The revenue of the Stamp Department in Gandhi Nagar witnesses upsurge of 18%

The officials are saying that, 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 at Rs. 3,018 crore.

According to the officials of district administration, the higher revenue collection in FY24 was directly related to the decision permitting the registry of flats across stalled housing projects where such documentation has been pending for the last many years. 

An official quoted, “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.”

He also added that, though the permission of registration has been granted, but it is yet to be executed so revenue collection is likely to increase further in 2024-25. He said that the revenue collection target for 2024-25 has been set at around Rs. 4,800 crore.

Registries are still pending in Noida, Greater Noida and Yamuna Expressway because of the non-payment of dues of the builders. According to official data, 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).

GNIDA recorded 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% of the total owed to the authority for this purpose. 

Noida Authority witnessed a registration of over 13000 apartments in 35 projects after getting the dues from the builders. To get the permission for registry of flats, builders agreed to pay Rs. 552 crore worth of dues, or 25% of their total owed amount of Rs. 2000 crore.