The stamps and registry department has decided to reduce circle rates, especially in the group housing and commercial categories, as it has failed to achieve the annual target revenue. Senior officials of the stamps and registry department said that they were not able to generate the revenue due to a steep hike in circle rates undertaken earlier.
The target revenue for Gautam Budh Nagar for financial year 2013-14 is Rs 1,536.60 crore. However, till January, the department has only managed to earn Rs 1,083 crore. Officials said that in the past few months the number of properties being registered have gone down due to the steep hike in circle rates. In 2012-13, the department’s target was Rs 1,835.30 crore, but it was only able to earn Rs 1,015 crore.
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