Noida Property Registrations Skyrocket 3x During Navratri
In a remarkable surge during Navratri, Noida property registrations saw a significant boost as the stamp and registration department registered 303 flats, collecting ₹103 crore in stamp duty over nine days. This number is almost three times the usual daily registrations, reflecting the importance of Navratri as an auspicious time for property purchases. Assistant Inspector General of Registration (I), B.S. Verma, mentioned that while the department typically registers 10-20 flats per day, the festive period saw registrations climb to 75-85 flats daily.
Along with flat registrations, 1,804 other properties were also registered between October 3 and 11, bringing the total Noida property registrations to 2,107 during this period. For the financial year 2023-24, the department has already collected ₹3,585 crore in stamp duty, an increase from ₹3,018 crore in the previous year, with a target of ₹4,880 crore for the current fiscal year.
On the development side, the Noida Authority is preparing to refer six residential project developers to the Economic Offences Wing (EOW) due to unpaid land dues amounting to ₹1,035 crore. These developers did not utilize the Uttar Pradesh government’s rehabilitation package aimed at resolving stalled projects. Of 57 defaulting projects, 29 developers opted for the package, which provided a two-year interest waiver during the lockdown period from April 2020 to March 2022 to ease Noida property registrations for delayed housing projects.
The Uttar Pradesh government’s rehabilitation package, announced in December last year, was designed to expedite Noida property registrations across the region, incorporating recommendations from the Amitabh Kant Committee. This package aims to revive 2.4 lakh stalled housing units across the state, with approximately 1,500 flats already registered under the scheme in Noida.
With the significant increase in Noida property registrations during Navratri and the government’s continued efforts to address stalled projects, the real estate market in Noida is poised for further growth and recovery.
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