Harsh realty: Property registration plummets | india | Hindustan Times
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Harsh realty: Property registration plummets

india Updated: Jun 28, 2012 12:00 IST
Kapil Datta

Non-approval of Greater Noida’s master plan by the NCR planning board — and similar problems relating to land acquisition elsewhere in Gautam Budh Nagar district — has led to huge revenue losses to the state government.

The district treasury earned R150 crore from sale of stamp paper in January. The figure has come down to as low as R33 crore in June till date.

Similarly, the registration department, against a revenue target of R167 crore in April-May from Gautam Budh Nagar district, could achieve only R88 crore. Cities like Agra and Lucknow have during the same period achieved more than the targets set for them.

“The achievement should have been more than 100 % as is always the case with highly developed Gautam Budh Nagar,” said an official. Of the department’s total revenue, around 20% comes from Gautam Budh Nagar district alone. Last year, the region gave 24 % of the total revenue.

“Stamp paper sale from the district treasury has declined. It can be bought from vendors as well. Bulk of stamp paper is used for property registration. It has to be 5 per cent of the total property value,” said Nijlingapa, senior treasury officer.

“The reason behind non-achievement of targeted revenue is the Noida Extension agitation and now the master plan issue. Resale of property has also declined,” said registration official Vijay Deo Sharma.

Since the development authorities are not able to sell their projects to buyers, registration of property has declined to one-third.