Noida falls short of stamp revenue target

The stamp and registration department of Gautam Budh Nagar has failed to meet its revenue target for three years in a row. Officials in the department attributed the shortfall to lack of investment in the real estate sector for the past few years. They also said that many homebuyers, tired of their struggle to get possession of flats, have opted out, allowing the developer to allot the property to a second buyer without the knowledge of the registry department. The department, the officials said, has incurred massive losses because of this evasion of tax.