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Homebuyers in Gautam Budh Nagar district, which includes Noida, Greater Noida, and the Yamuna Expressway area?s stamp and registration department have seen an 18% jump in revenue collection for the financial year 2023-24 (FY24). This rise is attributed to the resumption of flat registrations in previously stalled housing projects.
Before this change, registration of flats in stalled projects was on hold due to non-payment of dues by builders. These developers collectively owe INR 44,700 crore to the development authorities in Gautam Budh Nagar. This includes nearly INR 26,000 crore owed to the Noida Authority, INR 14,000 crore to the Greater Noida Industrial Development Authority (GNIDA), and INR 4,700 crore to the Yamuna Expressway Industrial Development Authority (YEIDA).
Thankfully, a recent policy shift has brought relief to homebuyers. In December 2023, the Uttar Pradesh government adopted the recommendations of the Amitabh Kant committee on stalled projects. This committee submitted its report in August 2023. Following these recommendations, development authorities like GNIDA and Noida Authority started allowing registrations to resume.
The policy change has had a positive impact on both homebuyers and the government. Homebuyers can finally register their flats, providing much-needed peace of mind. This has also led to a significant increase in revenue for the stamp and registration department. While the target for FY24 was INR 4,728 crore, the department collected INR 3,585 crore, a respectable figure considering the previous year's collection of INR 3,018 crore. Authorities anticipate further revenue growth in the coming year as more registrations are processed.
The revenue target for 2024-25 has been set at INR 4,800 crore. GNIDA, for example, processed registrations for over 1,366 flats in March 2024 under the new guidelines. Additionally, the Noida Authority has granted permission for registrations in over 13,000 apartments across 35 projects. With these positive developments, it appears the future is brighter for both homebuyers and the real estate market in Gautam Budh Nagar.
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