Property registrations in Noida saw a significant jump during the nine-day festival of Navratri, with 303 flats registered, almost tripling the usual daily numbers, according to officials.
The increase was attributed to the belief that Navratri is an auspicious time for making significant purchases, including real estate investments.
As reported by the The Times of India, Assistant Inspector General of Registration B.S. Verma said the department typically registers between 10 and 20 flats a day. However, during Navratri, they saw registrations spike to 75-85 flats per day.
Overall, between Oct. 3 and Oct. 11, the stamp and registration department recorded a total of 2,107 property registrations, including 1,804 other properties.
The department collected Rs 103 crore in stamp duty from flat registrations during the nine-day period. This is part of a larger upward trend in revenue for the 2023-24 fiscal year, with Rs 3,585 crore collected so far. This figure already exceeds the Rs 3,018 crore collected during the same period last year. The department aims to collect Rs 4,880 crore by the end of the current fiscal year.
While property registrations are booming, the Noida Authority is taking steps to address outstanding land dues owed by several developers. Officials said six developers, who together owe Rs 1,035 crore, will be referred to the Economic Offences Wing (EOW) for further action. These developers did not participate in a rehabilitation package introduced by the Uttar Pradesh government for stalled real estate projects.
Of the 57 developers that defaulted on land payments, 29 accepted the package, which provides a two-year waiver on penalties and interest from April 2020 to March 2022 due to the COVID-19 pandemic. The relief period is known as the “zero period.”
Seventeen other developers made partial payments, and five gave their consent to participate in the package but failed to make payments. Six developers neither agreed to the package nor made payments, prompting the authority to take legal action.
The Uttar Pradesh government introduced the rehabilitation package in December last year to expedite flat registrations across the state. The package incorporated recommendations from the Amitabh Kant committee, which was tasked with finding ways to revive 2.4 lakh stalled or distressed housing units.
Under the terms of the package, developers had to pay 25% of their recalculated dues within 60 days. Those who complied were eligible for further waivers on interest accrued during the lockdown period. The initiative has already led to the registration of approximately 1,500 flats in Noida, officials said.
Despite ongoing issues with developer compliance, Noida’s real estate market remains robust. The surge in property registrations during Navratri signals strong demand, especially during festive seasons when buyers are more likely to invest in homes.
The government’s rehabilitation package and the Noida Authority’s efforts to hold developers accountable are helping to stabilize the market and encourage more registrations.
As Noida continues to grow as a real estate hub, both buyers and developers are likely to see more opportunities, provided that financial obligations are met and stalled projects are resolved.