Over 300 flats registered in Noida during the Navratri festival
14 Oct 2024
2 Min Read
CW Team
Over the past nine days of Navratri, the stamp and registration department registered 303 flats, collecting Rs 1.03 billion in stamp duty. This figure is nearly three times higher than the usual number of registrations.
Assistant Inspector General Registration (I), BS Verma, explained that they typically register 10-20 flats daily, but during Navratri, registrations surged as people view the festival as an auspicious time for significant purchases. On some days, the department processed as many as 75-85 flat registrations in a single day.
In addition to flats, 1,804 other properties were registered between October 3 and 11, bringing the total number of property registrations to 2,107.
The stamps and registration department collected Rs 35.85 billion in 2023-24, compared to Rs 30.18 billion in 2022-23, and the department aims to collect Rs 48.80 billion in the current financial year.
Meanwhile, the Noida Authority plans to refer developers of six residential projects to the Economic Offences Wing (EOW) due to Rs 10.35 billion in unpaid land dues. These developers did not opt for the Uttar Pradesh government鈥檚 rehabilitation package for stalled projects.
Out of 57 projects that defaulted on land dues, 29 accepted the package, which provided a two-year zero-period relief from April 2020 to March 2022, exempting developers from penalties and interest during the lockdown.
Seventeen developers made partial payments, while five consented but did not make any payments. Six others neither gave their consent nor made payments. Under the rehabilitation and resettlement scheme, nearly 1,500 flats have been registered in Noida so far.
In December of the previous year, the Uttar Pradesh government introduced a rehabilitation package to accelerate flat registrations in the state. The guidelines incorporated several recommendations from the Amitabh Kant committee, which developed a roadmap to revive 2.4 lakh stalled or stressed housing units. The zero-period waiver applied to interest accrued during the two years of the Covid-19 pandemic.
Over the past nine days of Navratri, the stamp and registration department registered 303 flats, collecting Rs 1.03 billion in stamp duty. This figure is nearly three times higher than the usual number of registrations.
Assistant Inspector General Registration (I), BS Verma, explained that they typically register 10-20 flats daily, but during Navratri, registrations surged as people view the festival as an auspicious time for significant purchases. On some days, the department processed as many as 75-85 flat registrations in a single day.
In addition to flats, 1,804 other properties were registered between October 3 and 11, bringing the total number of property registrations to 2,107.
The stamps and registration department collected Rs 35.85 billion in 2023-24, compared to Rs 30.18 billion in 2022-23, and the department aims to collect Rs 48.80 billion in the current financial year.
Meanwhile, the Noida Authority plans to refer developers of six residential projects to the Economic Offences Wing (EOW) due to Rs 10.35 billion in unpaid land dues. These developers did not opt for the Uttar Pradesh government鈥檚 rehabilitation package for stalled projects.
Out of 57 projects that defaulted on land dues, 29 accepted the package, which provided a two-year zero-period relief from April 2020 to March 2022, exempting developers from penalties and interest during the lockdown.
Seventeen developers made partial payments, while five consented but did not make any payments. Six others neither gave their consent nor made payments. Under the rehabilitation and resettlement scheme, nearly 1,500 flats have been registered in Noida so far.
In December of the previous year, the Uttar Pradesh government introduced a rehabilitation package to accelerate flat registrations in the state. The guidelines incorporated several recommendations from the Amitabh Kant committee, which developed a roadmap to revive 2.4 lakh stalled or stressed housing units. The zero-period waiver applied to interest accrued during the two years of the Covid-19 pandemic.
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