Noida Property Registrations Surge 70% in October Amid Festive Season, – Homevior

NOIDA: A record 16,500 properties were registered in the city in Oct as stamp duty revenue peaked for the financial year — an almost 70% rise than the corresponding period last year. Officials said festivals like Navratri and Diwali in Oct this year led to this increase as people prefer to get their properties registered during this auspicious time.

Assistant inspector-general of registration Shashi Bhanu Mishra said the department mopped up a revenue of Rs 513.4 crore, about 22% more than the target of Rs 421.5 crore set for the month. This is a 101% year-over-year increase compared to the same period last year.

Data shared by the revenue department shows 16,512 properties were registered in Oct, compared to 9,792 in the same month last year. Though Navratri was celebrated in Oct last year too, the department had collected only Rs 255.3 crore in stamp duty that month.

Last year, Diwali was celebrated on Nov 12 and the department saw a total of 10,722 property registrations and mopped up a revenue of Rs 237.6 crore that month.

“Stamp duty has the largest share in revenue, with other income streams including registration fees and justice fees. The festive period, traditionally a time when families consider new property investments, likely played a major role in boosting the month’s registries,” he said.

Data also shows that in the first seven months (April to Oct) of the 2024-25 fiscal year, the department collected Rs 2,496 crore in revenue, which is about 51% of its annual target of Rs 4,880 crore. Of this, Rs 1982.7 crore was collected between April and Sept this year, up from Rs 1871.6 crore in the same period last year.

“Oct alone accounts for 20.6% of the total revenue generated by the department in the current fiscal year. The department saw the highest number of property registrations for this month,” said the official. Despite the gains, the department still faces a cumulative shortfall of Rs 313.2 crore against a target of Rs 2,809 crore between April to Oct.

A total of 1.2 lakh properties were registered in the financial year 2023-2024, while 87,983 properties were registered in the current financial year between April and Oct.