Govt relies on Noida rehab deal as 56% stamp revenue target achieved
Real Estate

Govt relies on Noida rehab deal as 56% stamp revenue target achieved

With less than three months remaining for the conclusion of the financial year, it has been observed that the stamp and registration department in Noida is still to achieve nearly 50% of its revenue target set for the area.

The district had a revenue target of Rs 47.28 billion for the year 2023-24. As of December, the department had managed to collect Rs 26.62 billion, accounting for 56% of the set target. During the preceding financial year, the department registered 10,659 flats, a decrease from the 11,447 flats registered.

There is a heavy reliance on the government's rehabilitation package to revive stalled projects, aiming to expedite registries stuck due to outstanding payments and increase revenue for the department. Approximately 40 projects in the city have seen developers submitting consent letters to the Noida Authority for the government deal. Upon the clearance of these applications, builders will qualify for a zero-period waiver, allowing the registry of their flats after paying 25% of the revised dues.

In a review meeting, Rupesh Kumar, the commissioner of stamps and registration, directed officials from Noida, Greater Noida, and Yamuna Expressway to accelerate the registry process.

BS Verma, assistant inspector-general of stamps and registry, mentioned that the department typically increases its target by 10-15% each year. He stated, ?In the financial year 2022-23, Noida?s annual target was Rs 40.62 billion. However, we only achieved Rs 30.18 billion, which constituted 74.3% of the target. By December this year, we had collected Rs 26.62 billion.?

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

With less than three months remaining for the conclusion of the financial year, it has been observed that the stamp and registration department in Noida is still to achieve nearly 50% of its revenue target set for the area. The district had a revenue target of Rs 47.28 billion for the year 2023-24. As of December, the department had managed to collect Rs 26.62 billion, accounting for 56% of the set target. During the preceding financial year, the department registered 10,659 flats, a decrease from the 11,447 flats registered. There is a heavy reliance on the government's rehabilitation package to revive stalled projects, aiming to expedite registries stuck due to outstanding payments and increase revenue for the department. Approximately 40 projects in the city have seen developers submitting consent letters to the Noida Authority for the government deal. Upon the clearance of these applications, builders will qualify for a zero-period waiver, allowing the registry of their flats after paying 25% of the revised dues. In a review meeting, Rupesh Kumar, the commissioner of stamps and registration, directed officials from Noida, Greater Noida, and Yamuna Expressway to accelerate the registry process. BS Verma, assistant inspector-general of stamps and registry, mentioned that the department typically increases its target by 10-15% each year. He stated, ?In the financial year 2022-23, Noida?s annual target was Rs 40.62 billion. However, we only achieved Rs 30.18 billion, which constituted 74.3% of the target. By December this year, we had collected Rs 26.62 billion.?

Next Story
Real Estate

Colliers India Transacts 207,000 sq ft office space at Embassy TechVillage

Embassy Office Parks REIT, India’s first listed REIT and the largest office REIT in Asia by area, announced that it has signed an Agreement to Lease (‘ATL’) with global cyber security company Rubrik at Embassy TechVillage in Bengaluru.Colliers, a leading global diversified professional services company, specialising in commercial real estate services, engineering consultancy and investment management facilitated the transaction for Rubrik.Located on Bengaluru’s Outer Ring Road, Embassy TechVillage is one of Embassy REIT’s flagship office parks which offers world-class office spaces, ..

Next Story
Infrastructure Urban

Ensemble Infrastructure India Appoints Suman Saha as Director of Design

Ensemble Infrastructure India Ltd, a leading workplace design and build fit-out company, has appointed Suman Saha as its new Director of Design. With 25 years of experience in the industry, Suman is recognized for his innovative approach and excellence in design leadership.Working closely with the CEO, Suman’s appointment will enhance the company’s design communication across multiple touchpoints, ensuring smooth collaboration between clients, designers, and execution teams for superior project outcomes. Under his guidance, Ensemble will focus on creating workspaces and design labs that em..

Next Story
Products

Ribbon Vanity by Küche7: Fluid Design Meets Everyday Elegance

Küche7, pioneers in luxury stainless steel kitchens, have unveiled the Ribbon Vanity, a graceful creation that transforms bathroom spaces with its soft, flowing design and understated sophistication. Inspired by the fluid form of a ribbon, this vanity combines smooth finishes, clean lines, and gentle curves, offering a timeless aesthetic that seamlessly complements diverse interior styles.Available in a refined blush pink hue, the Ribbon Vanity effortlessly merges functionality with elegance. With thoughtfully designed storage options, it ensures that bathroom essentials are neatly organised ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000