The GB Nagar stamps and registration revenue department in GB Nagar has witnessed a significant increase in revenue collection this fiscal year, with a rise of Rs 500 crore compared to the previous year. Data from the department indicates an 18.8% increase in revenue, from Rs 3,018 crore to Rs 3,585 crore in 2023-24. The surge is primarily attributed to a rise in property registrations in Noida and Greater Noida.
Despite the increase, the collection falls short of the target of Rs 4,728 crore. For the upcoming fiscal year, the department has set a target of Rs 4,880 crore. B S Verma, assistant inspector-general (stamp and registry), mentioned that they have achieved nearly 76% of this year’s target. He also noted that Noida consistently receives ambitious revenue targets compared to other districts in Uttar Pradesh.
The department attributes the revenue increase to the rise in property registrations, including flats. Registrations of many flats were approved after developers enrolled in the UP government’s rehabilitation package, based on recommendations by the Amitabh Kant committee, aimed at reviving stalled projects in the city. Nearly 500 flats in Noida and 1,000 in Greater Noida have been registered under legacy stalled projects.
This fiscal year, the department registered nearly 80,000 properties, including 13,000 flats. In comparison, in 2022-23, they registered 71,964 properties, including 11,447 flats.
Noida’s GB Nagar stamps and registration revenue department has only exceeded its revenue target once in the past ten years — in 2015-16. In 2020-21, revenue was significantly affected by the Covid-19 pandemic, with the lowest collection in the last ten years recorded at Rs 1,593 crore against a target of Rs 3,148 crore.
In 2021-22, registrations increased, and revenue collection reached Rs 2,377 crore (68.6% of the target). In 2022-23, the department collected Rs 3,018 crore (74.3% of the target).
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