Noida saw a record 16,500 property registrations in October, marking a nearly 70% increase in stamp duty revenue compared to last year. The festive seasons of Navratri and Diwali played a significant role in this surge, as families tend to invest in property during this auspicious time. The revenue department collected Rs 513.4 crore in October, surpassing its target. Data for the first seven months of the 2024-25 fiscal year reveals a 51% achievement of its annual target, with a shortfall of Rs 313.2 crore against the target set for the period.
In Noida, a record 16,500 properties were registered in October, marking a significant rise in stamp duty revenue for the financial year. This represents an increase of nearly 70% compared to the same period last year. According to officials, the increase was driven by festivals like Navratri and Diwali, which encouraged people to register their properties during this auspicious time.
Shashi Bhanu Mishra, Assistant Inspector-General of Registration, noted that the department collected Rs 513.4 crore in revenue, exceeding the monthly target of Rs 421.5 crore by approximately 22%. This was a remarkable 101% increase year-over-year when compared to the same period last year.
Data provided by the revenue department reveals that 16,512 properties were registered in October, up from 9,792 registrations in the same month last year. Although Navratri was also celebrated in October of the previous year, the department had collected only Rs 255.3 crore in stamp duty during that time.
In comparison, Diwali was celebrated on November 12 last year, and the department recorded 10,722 property registrations, generating a revenue of Rs 237.6 crore in that month.
Mishra further explained that stamp duty contributes the largest share of the department's revenue, followed by other income streams such as registration fees and justice fees. The festive period is traditionally a time when families make new property investments, which likely played a significant role in boosting the number of property registrations during October.
Revenue department data also indicates that, from April to October of the 2024-25 fiscal year, the department collected Rs 2,496 crore, representing around 51% of the annual target of Rs 4,880 crore. Of this, Rs 1,982.7 crore was collected between April and September this year, an increase from Rs 1,871.6 crore during the same period last year.
The official pointed out that October alone accounted for 20.6% of the total revenue generated in the current fiscal year, with the department recording the highest number of property registrations for the month. However, despite these gains, the department faces a cumulative shortfall of Rs 313.2 crore against the target of Rs 2,809 crore for the April-to-October period. In the financial year 2023-2024, a total of 1.2 lakh properties were registered, whereas 87,983 properties have been registered in the current financial year between April and October.
The significant rise in property registrations in Noida in October underscores the impact of the festive season on the real estate market. With a record number of registrations and a considerable revenue increase, the department is progressing well towards meeting its annual targets. Despite the growth, there remains a shortfall in cumulative revenue, highlighting the ongoing challenges the department faces in achieving its fiscal goals. The trend reflects the growing importance of festive periods in shaping property registration dynamics in the region.
Advertisement
Facebook
Whatsapp
