Nagpur real estate starts regaining momentum post second Covid wave

The Nagpur real estate sector is regaining momentum after being hit by the second wave of the Covid-19 pandemic. The unified development control and promotion regulations (UDCPR) also helped. In April-August in FY22, the Nagpur Municipal Corporation (NMC) sanctioned 374 building plans, 2.3 times greater than the registered numbers in FY21. The registrations in FY22 are also slightly higher than in 2019. According to the data of the NMC's town planning department, in April-August, 307 building plans were sanctioned. It dropped to 164 in 2020, almost 50% due to the Covid-19 pandemic. According to an official, the building plan sanctions for September 2021 are under compilation NMC expects it to be higher than FY21 and 2019. In 2019-2020, NMC's target of Rs 106 crore declined to Rs 56 crore. In six months of FY22, the revenue is Rs 118 crore against the target of Rs 102 crore. Virendra Kukreja, builder and corporate of real estate, told the media that the realty sector was severely affected due to the pandemic and lockdowns in the last fiscal year. However, now the situation is better post-pandemic. The real estate sectors are now in normalcy for the last few months. Builders and individuals who kept their projects on hold for one year are seeking sanctions. The state government introduced UDCPR in December 2020, which provided benefits to builders and individuals. However, the building plans did not increase in January-March but increased in April. The registrations are increasing though NMC doubled the developmental charges and premiums. Municipal commissioner Radhakrishnan B and architect Pankaj Kriplani said that UDCPR is helping to boost the real estate sector. It is also beneficial for builders constructing multi-family residential units. Even for smaller plots, UDCPR is more favourable compared to transit-oriented development (TOD). The chief officer of the civic body said that there are other new initiatives, including a building plan management system (BPMS), in the pipeline to boost the real estate sector. Image SourceAlso read: Sobha Limited records 49% growth in sales bookings at Rs 1,000 cr