Property registrations witness a drastic fall in Noida due to Covid 19 pandemic
Noida The Covid-19 pandemic has taken a heavy toll on registration of property in the Gautam Budh Nagar district. Officials of the stamps and registration department said that only 3,000 such registrations were done across the district in the months of May and June this year as compared to 24,000 done in the corresponding period last year — a decline of whopping 88%.
The officials attributed the drastic fall in registrations to fear of infection, restrictions on movement and closure of government offices, among others.
The registration of property resumed in the district on May 4, after a gap of almost 40 days when the nationwide lockdown was implemented on March 25 to prevent the Covid-19 spread.
“In May and June, total 3,000 registrations were executed, which is almost 88% less than registrations that took place in the two months in 2019,” said SK Tripathi, assistant inspector general, UP stamps and registration department, Gautam Budh Nagar.
The department, however, hopes that the revenue loss of these months will be compensated once the pandemic gets over and the movement becomes normal.
According to the officials, the department earned Rs10 crore and Rs 50 crore revenue from the registrations in May and June, respectively. The department charges 5% as stamp fee for a registration of properties that include flat or plot, said the officials.
It hopes to earn Rs 80 crore in July as the number of registrations is rising.
“When things were normal, our department used to earn from Rs150 crore to Rs180 crore revenue in a month. We hope that in January next year, registration will rise exponentially when the pandemic fear goes away,” said Tripathi.
Meanwhile, real estate developers said that there is a sense of fear among property buyers due to coronavirus pandemic. “Even government offices are not functioning normally. We hope once the pandemic is over, real estate market will witness better days and registration also pick up,” said Prashant Tiwari, president of Western UP wing of Confederation of Real Estate Developers Association of India (Credai), a developers’ group.
In 2018-19, the department earned Rs 1,880 crore revenue from the registrations. However, in 2019-20, it earned Rs 1,856 crore.
As per the estimates done by the Noida authority, there are at least 30,000 flats, which are ready for registrations.
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