January 14, 2024

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As lakhs of buyers in Noida await registry of flats, dept short of year’s revenue target | Delhi News

2 min read

The Stamp and Registration Department of Gautam Buddha Nagar (Noida) has been struggling to meet its year-wise revenue target for the last few years. This is primarily because of stalled projects and non-registration of flats in the city, according to officials.

Data available with the department shows a collection of only around 56% target revenue by the end of December even as the Financial Year 2023-24 concludes in less than three months.

To discuss the issue, a meeting of Noida, Greater Noida, and Yamuna Authority, and the Stamp and Registration Department has been called on Monday. “Seniormost officials of both – the department and the authorities – will participate in the meeting. The shortfall in the revenue target is a big concern,” said a senior official of the department in Gautam Buddha Nagar.

In view of pending registration of flats, the Uttar Pradesh government had last month issued an order to implement the Amitabh Kant committee recommendations with some amendments. The committee was constituted by the Union Ministry of Housing and Urban Affairs to provide solutions for such legacy stalled projects.

The state government had announced a number of measures to help developers complete projects stuck for years — a two-year ‘zero-period’ relief; time extension of three years without any fee; provision to bring in a co-developer if builder is unable to complete the project; relaxation in conditions to mortgage; and payment of land dues in installments over three years.

Festive offer

Even though the authorities have informed the builders about their final dues after deducting zero-period relief, many of them are yet to opt for the scheme. “The registry of these stalled flats will definitely help in increasing the revenue. The outline for starting the registry process soon will be decided in the meeting and it is only after this that we will be able to calculate the income we can earn from these registries,” said the official quoted above.

Data shows that the Stamp and Registration Department had the target to collect revenue of Rs 4728.70 crore in FY 2023-24 through Stamp duty, Registration Fees, and Court Fees. However, it could generate only Rs 2662.47 crore (56.30%) by December 2023.

In the last financial year, the department had a revenue target (from April 1 to December 31) of Rs 3036.95 crore of which it received Rs. 2136.22 crore – around 70% of the total amount – during the period.

Gautam Buddha Nagar is one of the biggest cities of UP in terms of revenue collection through stamp and registration. However, many developers have not been able to provide flats to buyers for non-availability of funds, increasing dues on builders, litigations, fund diversions among others.

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