Gautam Budh Nagar Sees 18% Increase in Stamp Department Revenue

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    The stamp and registration department of Gautam Budh Nagar district has experienced a significant 18% surge in revenue collection for the financial year 2023-24 compared to the previous fiscal year. This boost in revenue is attributed to the decision by development authorities overseeing Noida, Greater Noida, and housing clusters along the Yamuna Expressway to allow the registration of flats in stalled projects.

    Officials from the district administration reported that the department recorded a revenue of Rs 3,585 crore in FY24, surpassing the previous year’s collection of Rs 3,018 crore. This increase is primarily due to the permission granted for the registration of flats across stalled housing projects, which had pending documentation for several years.

    Despite the permission granted, many registrations are still pending execution, indicating the potential for further revenue growth in the coming fiscal year 2024-25. The revenue collection target for 2024-25 has been set at approximately Rs 4,800 crore.

    Registrations were previously stalled in Noida, Greater Noida, and Yamuna Expressway regions due to 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.

    In response to this, the development authorities allowed registrations following the adoption of recommendations from the Amitabh Kant committee on legacy stalled housing projects 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, wherein the developer paid 25 percent of the total dues to the authority.

    Similarly, Noida Authority permitted the registry of over 13,000 apartments in 35 projects after builders committed to clearing their financial dues. Developers agreed to pay 25 percent of their total owed amount to obtain permission for registry of ready apartments in Noida.

    Also read: Housing Sales Trends in Gurugram and Noida

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