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Noida: Housing registries may be crawling in the city, but the financial year 2022-23 saw a healthy rise in stamp duty revenue from the district as the economy bounced back to full normalcy after two years of pandemic shocks.
A total of 1.4 lakh properties including plots were registered Gautam Buddha Nagar According to the Registration and Stamp Department, Rs 3,018 crore was earned as stamp duty and registration fee in the financial year 2022-23. In the last financial year, 1.2 lakh properties were registered, bringing in Rs 2,377 crore in revenue.
In 2020-21, when the pandemic hit, revenue from property registration dropped to Rs 1,593 crore, 50% less than the target of Rs 3,148 crore set for that financial year. The collection improved marginally the following year, but was still 31% short of the annual target of Rs 3,463 crore.
The state government had set an ambitious target of Rs 4,062 crore for the 2022-23 financial year. Revenue is down about 25%.
According to officials, the department has not met annual targets in the past six years: in 2016-17, it collected Rs 1,761 crore against a target of Rs 2,222 crore; In 2017-18, it collected Rs 1,685 crore against a target of Rs 2,252 crore; In 2018-19, it collected Rs 1,879 crore against a target of Rs 2,532 crore; And in 2019-20, it collected Rs 1,856 crore against a target of Rs 2,597 crore.
One of the factors affecting revenue collection is the stalled registries of flats in scores of housing societies Noida Due to the deadlock over the payment of old dues between real estate companies and Noida Authority, Noida Authority Recently details of all residential properties have been uploaded on it so that homebuyers can check the status of the projects in which they have invested. According to him, only about 3,500 registries have been done since April 1 last year. Earlier, only 2,424 residential properties were registered in 2021-22.
Abhishek Kumar, president of the Noida Extension Flat Owners Welfare Association, told TOI that in both Noida and Greater NoidaThousands of home buyers find themselves unable to get deeds for their flats due to the impasse. “We are not sure how many flats have been registered this year. The government should take measures and speed up the registration of flats.
Data shared by six sub-registrar offices – three in Noida and one each in Dadri, Sadar and Jewar – showed the Noida 1 office registered 11,952 properties in 2022-23 as against 10,117 in the previous year. Noida 1 includes sectors such as 1, 4, 7, 14, 14-A, 17, 20, 23, 26, 29, 32, 35, 74 and 77.
The Noida 2 office, which includes Sectors 2, 5, 8, 11, 15, 15-A, 18, 21, 24, 27, 72, 75, 78, 135, etc., has registered 10,379 properties this year as against last year. Properties of 12,345 properties registered. Noida 3, which includes Sectors 3, 6, 9, 12, 16-B, 19, 22, 25, 73, 76, 136 and others registered 11,796 properties as against 8,096 last year.
Maximum number of properties – 52,060 – were registered at Dadri sub-registrar’s office which covers Greater Noida West, Last year, 45,187 properties were registered with the office.
As against 30524 last year, 36994 properties have been registered in Sadar Sub Registrar Office this year.
Only Jewar office registered a slight decrease in property registration this year. A total of 16,587 properties were registered this year as compared to 18,335 last year. An official at the Jewar sub-registrar’s office said that the government has acquired a major portion of the land for the Noida International Airport. “The farmers who got compensation bought agricultural land in neighboring districts. There are some other property owners who have adopted a wait-and-see policy in the hope that their properties may be acquired by the government for the second phase of land acquisition. This is the reason why there has been a decrease in the number of registration of lease deed in Jewar area.
Currently, there is 5% stamp duty and 1% registration fee on properties Gautam Buddha Nagar, For properties in the area of the Yamuna Authority, the stamp duty is 7% and the registration fee is 1%.
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