Greater Noida: Recent clamour on the land acquisition in Noida extension and the Supreme Court verdict to return them to the farmers has taken a toll on the government’s registration earnings. In the current scenario a loss of Rs 50 crore has been witnessed, which has added to the state’s trouble.

The turmoil appeared as several investors have halted their installments to the builders, which in turn has made it difficult for them to continue the construction work. It is said if the flats are not completed within deadline, there will be no payment of registry fees, leading to a decline in the stamp revenue of the government.

However,  after receiving payments on time if the builders had constructed the flats, it would have become easy for the registration department to meet the set targets of Rs 350 crore as stamp duty revenues.

Last year, the government had set a target of Rs 992 crore revenue and was able to revive the target revenue to Rs 1576 crore. Hence, this year the target for total revenue was raised from Rs 992 million to Rs 1214 crore but to date the government could manage to collect only Rs 300 crore as stamp duty revenue.

It may be noted that at least six thousand investors have been affected with the Supreme Court’s decision to return land to Saberi village farmers. Due to the cancellation of the land acquisition and the delay in  construction of flats, revenue has been hit. The builders whose projects have been cleared are also bearing the brunt.

Elaborating on the issue, AIG (stamp) SP Singh said, “The housing schemes registry charge from Noida extension, Bhatta-Parsaul and Yamuna Expressway has decreased drastically at Rs 300 crore only.”

JPN/Bureau