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.?