With four months for the financial year to end, the stamp and registration department has failed to achieve even 50% of its revenue target, collecting Rs 1,887 crore between April and November out of its Rs 4,062 crore target.
The district administration has now decided to conduct an awareness drive among residents to register their flats before moving in – an attempt to generate more revenue.
Officials, however, pointed out that the figure would increase if it was to be calculated till the end of the financial year, which is in March.
The UP government gives annual and monthly targets to the stamp and registration department. According to the monthly target, the department should have collected Rs 2,674 crore between January and November this year, but managed Rs 1,887 crore. However, the numbers are better if compared to the previous year, when the department collected Rs 1,516 crore against a Rs 2,279 crore target.
It has been six years since the stamp and registration department met its annual target. In 2016-17, it collected Rs 1,761 crore against a target of Rs 2,222 crore. In 2017-18, it collected Rs 1,685 crore against Rs 2,252 crore; in 2018-19 it garnered Rs 1,879 crore against the target of Rs 2,532 crore; in 2019-20, it collected Rs 1,856 crore against Rs 2,597 crore.
In the pandemic years, the revenue was sharply hit – in 2020-21, the department recorded Rs 1,593 crore against a Rs 3,148 crore target (50.6%). In 2021-22, registrations improved and the revenue collection reached Rs 2,377 crore against a Rs 3,463 crore annual target.
Officials said Noida got an “ambitious” revenue target every year. BS Verma, assistant commissioner (stamp and AIG registration), could not be reached for a comment on the collection of revenue.
Suhas LY, the Noida district magistrate, said, “The department will conduct an awareness drive and urge people to register their flats before they move in. We hope the revenue will increase as four months are left in this financial year,” he said.
Buyers, however, said there were thousands of flats waiting to be registered in Noida, Greater Noida and Noida Extension.
Abhishek Kumar, president of the Noida Extension Flat Owners’ Welfare Association (NEFOWA), said around 60,000 flats were ready in the district. “The homebuyers have mostly paid the money, but it is the developers who have not cleared the dues of the respective authorities. That is why the NOCs are awaited. Non-registration of flats is affecting the government exchequer,” he added.