16,500 Property Registrations in Noida Drive October Revenue
Noida witnessed a significant surge in property registrations in October 2024, as 16,500 properties were officially registered, marking a nearly 70% increase compared to the same period last year. This increase can be attributed to the auspicious festival period, with many buyers opting to register their properties during the celebrations of Navratri and Diwali. The surge in registrations helped the city’s stamp duty revenue reach an all-time high for the financial year.
Stamp Duty Revenue Soars
The Noida property registration department reported a record revenue of Rs 513.4 crore for October 2024, surpassing its target of Rs 421.5 crore by about 22%. This figure represents a remarkable 101% increase in revenue compared to the previous year. For the same month in 2023, the department had collected Rs 255.3 crore with 9,792 properties registered. In contrast, this year saw 16,512 registrations during the month, showcasing a clear rise in the number of transactions.
Shashi Bhanu Mishra, Assistant Inspector-General of Registration, emphasized the importance of the festive season, saying that it plays a crucial role in property investment decisions, with many families opting to make significant property purchases during this period.
Boost in Revenue for FY 2024-25
This year’s growth in property registrations comes as part of a broader upward trend in Noida’s property market. Between April and October 2024, the registration department collected a total of Rs 2,496 crore in revenue, achieving 51% of its annual target of Rs 4,880 crore. Of this, Rs 1,982.7 crore was raised during the first six months of the fiscal year, compared to Rs 1,871.6 crore in the same period last year, reflecting steady growth.
October alone accounted for a substantial 20.6% of the department’s total revenue for the current fiscal year, underlining the month’s significance in the property registration landscape.
A Look at the Future
Despite the strong performance in October, there remains a cumulative shortfall of Rs 313.2 crore against the target set for the April to October period. However, with the ongoing demand for properties and favorable economic conditions, the department remains optimistic about meeting its annual targets.
In the 2023-2024 financial year, Noida saw a total of 1.2 lakh property registrations. The number for the current fiscal year between April and October stands at 87,983, signaling a steady pace of growth that could lead to another record-breaking year.
Read more: Unified Land Allocation Policy Awaiting Approval in Noida
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