Uttar Pradesh's Real Estate Sector Surges, Boosting State Revenue
Lucknow: The real estate market in Uttar Pradesh has seen a significant boom, leading to a substantial increase in state revenue. The stamp and registration department has now surpassed the excise department in terms of revenue generation, driven by a sur
Real EstateUttar PradeshRevenueStamp DepartmentProperty TransactionsReal EstateNov 07, 2024
According to a senior government official, the surge in land and property transactions has led to an increase in both the demand for real estate and land prices, pushing the stamp department to unprecedented levels of revenue generation. The finance department’s latest report indicates that the stamp department’s revenue saw a remarkable increase of approximately Rs 850 crore during the Diwali season compared to last year. In contrast, excise revenue grew by only Rs 400 crore in the same period. Additionally, state GST collections grew by Rs 413 crore year-over-year.
The significant rise in real estate transactions is attributed to the growth in both residential and commercial property purchases, along with government schemes targeting the common public. Notably, schemes such as gift deed and blood relation registration for Rs 5,000 have been instrumental in driving revenue. While the festive season typically brings an increase in liquor sales and GST collections, it was the stamp department that saw the largest growth.
Historically, stamp and registration revenue has lagged behind excise and GST, but for the first time in October, it led in revenue growth. The department collected Rs 2,890 crore in October, compared to Rs 2,026 crore during the same month last year — an increase of Rs 864 crore.
The expansion of real estate is not limited to the National Capital Region (NCR) and major cities like Lucknow, Kanpur, Varanasi, Meerut, Prayagraj, and Agra. Smaller districts are also witnessing a rise in land prices and transactions, fueled by industrial schemes and urbanization.
This financial year, the stamp department has set a target of Rs 35,651 crore in revenue, and with Rs 17,723 crore already collected, it is on track to meet or even exceed this target.
Frequently Asked Questions
What is driving the real estate boom in Uttar Pradesh?
The real estate boom in Uttar Pradesh is driven by a surge in both residential and commercial property purchases, along with government schemes such as gift deed and blood relation registration for Rs 5,000.
How much has the stamp department's revenue increased during the Diwali season?
The stamp department’s revenue saw a remarkable increase of approximately Rs 850 crore during the Diwali season compared to last year.
What is the target revenue for the stamp department this financial year?
This financial year, the stamp department has set a target of Rs 35,651 crore in revenue.
How does the revenue from the stamp department compare to excise and GST revenues?
For the first time in October, the stamp department led in revenue growth, collecting Rs 2,890 crore compared to Rs 2,026 crore during the same month last year, an increase of Rs 864 crore.
Which cities in Uttar Pradesh are experiencing significant real estate growth?
The expansion of real estate is not limited to the National Capital Region (NCR) and major cities like Lucknow, Kanpur, Varanasi, Meerut, Prayagraj, and Agra. Smaller districts are also seeing a rise in land prices and transactions.
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