Gautam Budh Nagar will fail to achieve the target of registry revenues despite rise in collections

The Department of Registration and Stamps has announced that the total of 1.4 lac properties, including plots, were registered across Gautam Budh Nagar (Delhi) in the financial year 2022-2023, which has generated revenue of Rs. 3,018 crores in stamp duty and registration fees. In the financial year 2021-22, a total of 1.2 lac properties were sold, generating a revenue of Rs 2,377 crores indicating a 27 percent increase in collections.

In 2020-21 when pandemic hit, the department was able to generate a revenue of only Rs 1,593 crores, missing it’s target of Rs 3,148 crores by a substantial margin. The next year saw improvements with collections amounting to Rs 2,377 crores, however it continues to miss its target, this time set at Rs 3,463 crores. This year too, while revenue collections have increased, the department has fallen short of it target collections.

One of the primary contributing factors to low collections is the suspension of registrations on account of an ongoing dispute between Noida Authority and builders regarding repayment of legacy dues. According to data uploaded on the Noida Authority website, only 3,500 registries were made since April 1 last year compared to 2,424 properties registered in the year 2021-22.

According to the data shared by six sub registrar offices, Noida office has registered 11,952 properties in 2022-2023 compared to 10,117 properties in 2021-22. Dadri sub register office claims to have registered the most properties in this fiscal year with 52,060 registrations, followed by 45,187 property registrations in Sadar. At present there is 5% stamp duty and 1% registration fee in Gautam Budh Nagar and for properties in Yamuna’s control area, the stamp duty is 7% and registration fee is 1%.

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Gautam Budh Nagar will fail to achieve the target of registry revenues despite rise in collections

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