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The real estate sector has turned out to be a lucrative proposition for Gautam Budh Nagar. The department of stamps and registration of the district has collected over Rs 1,700 crore as revenue from properties registered in the financial year 2011-12 in Noida, Greater Noida and Yamuna Expressway.The largest chunk of the revenue accrued from property registration in Noida, followed Greater Noida and Yamuna Expressway. ”

In terms of numbers though, maximum properties were registered from Greater Noida, followed by Noida,” said AIG (Stamps), SN Rai. “However, Noida scored in earnings as property sizes were larger as compared to Greater Noida. We had set a target of Rs 1,707 crore for the financial year 2011-12. We expect a few more registrations by March 31,” added Rai. In the last financial year, the department had collected revenue worth Rs 1,527 crore from the district.

real estate generates Rs 1,700 crore revenue

real estate generates Rs 1,700 crore revenue

The state government is expected to earn more in the next financial year as property registration is expected to be even higher as a large number of real estate projects are in the pipeline in Noida, Greater Noida and Yamuna Expressway. A large number of residential properties would be registered once work on housing projects in Noida Extension resumes.

A part of the revenue this year has accrued from a scheme launched in November, 2011, by the erstwhile BSP government. The scheme was open to around 35,000 property owners who had been allotted properties in different categories by the three authorities of Noida, Greater Noida and Yamuna Expressway, but their registration has not been done.The scheme came as a breather for many allottees who had bought properties several years back as they were given an opportunity to pay stamp duties in proportion to their allotment rates rather than at prevalent circle rates which have grown several-fold over the past years. “Revenue between Rs 100-150 crore has been accrued through this scheme,” said Rai.