Nagpur: Realty sector reported back momentum because the city moved to normal after the second wave of Pandemic Covid-19.
The implementation of control regulations and new integrated development promotions (UDCPR) has also helped.
Between April and August in the current fiscal, Nagpur Municipal Corporation (NMC) has provided sanctions on 374 building plans, which is 2.3 times the number registered during the final fiscal period.
The current fiscal figure is also slightly higher than 2019, which can be said to be a pre-pandemic period.
In accordance with the data available with the NMC city planning department, 307 building plans were approved between April and August in 2019.
This figure fell to 164, which was almost 50% cut, during the same period in 2020 after the pandemic hit.
Even though the data for the plan of sanctions for September 2021 is still in compilation, NMC officials say the number is high compared to the same fiscal period last and 2019.
“In 2019-20, such as opposing the RS106 crore target, NMC has received income only RS56 Crore.
In six This fiscal month, income is RS118 Crore because of opposing the RS102 crore target, “officials said.
Commissioner of the city of Radhakrishnan B told Tii, “the pandemic has caused a large setback to the realty sector in the last fiscal.
The situation has been greatly enhanced after the second wave.
The number of building plans satisfy even during the second wave.” Builder and Corporator Virendra Kukreja said, “Realty sector Affected by the last fiscal due to full locking and fear of this disease.
Now, there is full relaxation and people now know how to protect themselves, “he said.
The architect Pankaj Kriplani said, “There is normal in the realty sector for the past few months.
Individuals and builders, who have maintained their construction plans for the past year, are looking for sanctions.
There are also those who regularly go sanctions, so the total figure is high,” he said .
The state government has implemented UDCPR in December 2020 which is said to be more beneficial for individuals and builders.
But the number of plans does not increase between January and March.
This increase was seen after April.
Numbers grow even though NMC has doubled the cost of development and premium.
Radhakrishnan and Kridgei said, “UDCPR also plays a major role in increasing the realty sector.
UDCPR is beneficial for builders who build multi-family residential units.
Also, UdCPR is more profitable than the development of transit oriented (TOD) when it comes to small plots,” they said .
Further civil heads say that various other new initiatives such as the Building Plan Management System (BPMS) in the pipe will further encourage the Realti market.
In the development that signaled the mood in the property market, a plot of Indian air 26,997 SQ (2,509 sq m) in the civil pathway sold for RS12.227.28 per sq ft, which was said to be the highest level at City’s.
history.
Kukreja Group from City has bought a plot at a cost of RS33.01 Crore, which will increase to the RS35 Crore after sales.
Realty Rising Sector: 374 Sanction Building Plans From April-August
