Between April and August in the current fiscal, Nagpur Municipal Corporation (NMC) has sanctioned 374 building plans, which is 2.3 times the numbers registered during the corresponding period last fiscal. The current fiscal’s numbers are also slightly higher than that of 2019, which can be said to be the pre-pandemic period.
As per data available with the NMC’s town planning department, 307 buildings plans were sanctioned between April and August in 2019. This figure dropped to 164, which is almost 50% cut, during the same period in 2020 after the pandemic struck.
Though data for building plan sanctions for September 2021 is still under compilation, NMC officials said the numbers are high as compared to same period last fiscal and 2019. “In 2019-20, as against the target of Rs106 crore, NMC had earned revenue of only Rs56 crore. In six months of this fiscal, the revenue is Rs118 crore as against target of Rs102 crore,” said the officials.
Municipal commissioner Radhakrishnan B told, “The pandemic had caused a huge setback to the realty sector in the last fiscal. Situation has remarkably improved after the second wave. The number of building plans were satisfactory even during the second wave.”
Builder and corporator Virendra Kukreja said, “Realty sector was adversely affected in the last fiscal due to full lockdown and fear of the disease. Now, there is full relaxation and people now know how to protect themselves,” he said.
Architect Pankaj Kriplani said, “There is normalcy in the realty sector for the last few months. Individuals and builders, who had kept their construction plans on hold for the last one year, are seeking sanctions. There are also those who regularly go for sanctions, so the total figure is high,” he said.
The state government had implemented UDCPR in December 2020 which is said to be more beneficial for individuals and builders. But the number of plans did not increase between January and March. The increase was seen after April. Numbers are growing though NMC has doubled developmental charges and premium.
Radhakrishnan and Kriplani said, “UDCPR is also playing a major role in boosting realty sector. UDCPR is beneficial for builders constructing multi-family dwelling units. Also, UDCPR is more favourable compared with transit oriented development (ToD) when it comes to small plots,” they said.
The civic chief further said that various other new initiatives like building plan management system (BPMS) that are in pipeline will further push the realty market.
In a development that hints at upbeat mood in the property market, the 26,997 sq ft (2,509 sq m) plot of Air India in Civil Lines was sold for Rs12,227.28 per sq ft, which is said to be highest-ever rate in city’s history. Kukreja Group from city had purchased the plot at the cost of Rs33.01 crore, which will increase to Rs35 crore after sale deed.
