Steady Rise in Noida Property Sales

Property sales in Gautam Budh Nagar have started gaining momentum as the district stamps and registration department generated a revenue of ?130 crore last month. However, the department is far behind its revenue target for the current financial year. While the department had not registered any property in April due to the Covid-induced nationwide lockdown, it has witnessed a steady rise in its revenue since then. The department has collected ?80 crore from October 1-16. “The department’s revenue was zero in April. In May, June and July, we collected ?12 crore, ?60 crore and ?110 crore, respectively as stamp duty. The trend indicates that the property registration is improving. In August and September, we collected ?116 crore and ?130 crore, respectively, which shows an upward trend,” said SK Tripathi, assistant inspector general (registration), Gautam Budh Nagar. The UP government has given ?3,148-crore revenue target to the GB Nagar registration department for the financial year 2020-21. The target appears difficult to meet as the department has so far collected only ?508 crore till Mid-October.