Noida sees a staggering 16,500 properties registered in October, marking a 70% increase from last year as stamp duty revenue hits new highs

October Property Surge Boosted by Festive Season

Noida witnessed an extraordinary month in October, with a record-breaking 16,500 property registrations, according to official data. This impressive figure signifies a nearly 70% increase over the same period last year, driven largely by the festival season, which included Navratri and Diwali—auspicious times when many families prefer to complete property transactions.

Revenue Collections Surpass Monthly Target by 22%

The surge in property registrations had a profound impact on stamp duty revenue. The department, led by Assistant Inspector-General of Registration Shashi Bhanu Mishra, reported an impressive Rs 513.4 crore in collections for October, which exceeded the target of Rs 421.5 crore by 22%. This is also a striking 101% year-over-year increase from October 2023, when stamp duty revenue reached just Rs 255.3 crore.

Mishra attributed the rise to the festive period, when families often see property investments as a traditional, favorable step toward financial growth. He noted, “Stamp duty has the largest share in revenue, with other income streams including registration and justice fees. The festive period, traditionally a time when families consider new property investments, likely played a major role in boosting the month’s registries.”

October’s Revenue Surpasses Annual Expectations

Data shared by the revenue department indicates that October alone contributed 20.6% of the revenue target for the ongoing fiscal year. In the first seven months of the fiscal year 2024-25 (April to October), the department collected Rs 2,496 crore, which is about 51% of its annual target of Rs 4,880 crore. However, a cumulative shortfall of Rs 313.2 crore remains against the April-October target of Rs 2,809 crore, despite the robust performance in October.

Compared to previous years, October 2024 stands out as one of the highest-performing months for property registrations. Last year, although Navratri fell in October, Diwali was celebrated in November, resulting in lower registration numbers and revenue for October 2023.

Annual Trends Point to Strong Fiscal Year Despite Shortfall

For the financial year 2023-2024, a total of 1.2 lakh properties were registered, reflecting robust real estate interest in the city. In the current financial year, from April to October, 87,983 properties have been registered—a number expected to climb in the coming months as more property transactions are anticipated during the remaining festival season.

The figures showcase not only the popularity of property investments in Noida but also the potential for revenue growth, even as the department continues working to meet its remaining fiscal targets. With the festive season drawing in new investors, Noida’s property market is setting new standards and providing a vital revenue stream for the city’s economic development.