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Tuesday, 28 April 2015

Bounce Back of a #realestate #industry in #Lucknow

LUCKNOW:Waking up from a long spell of dullness, the real estate market in Lucknow city showed clear signs of recovery with the Stamps and Registrations department recording a growth rate of 72 per cent in revenue till Jan this year against the 41 per cent growth rate for the corresponding period during last financial year (CPLY). The office of the district registrar realised Rs 223 crore in terms of registration fee and various taxes  against the target of Rs 298 crore as on Jan 31 for the current fiscal.

The real estate market in Lucknow hit rock bottom during the past couple of years due to agitations against state bifurcation, followed by elections and other uncertainties in the state, leaving investors hesitant to purchase plots and flats in Lucknow and other parts of the state. However, the improvement of the political atmosphere and a stable administration now, coupled with the hype over the development of the Heritage City into a smart city helped in the revival of the market.

“The inquiries are translating into real transactions and registrations, after the focus shifted from Delhi/NCR to Lucknow after bifurcation. Thus, we have witnessed growth in the registrations at all the Five sub-registrar offices that comprise Lucknow registration district covering the city and the neighboring
areas in 2014-15,” said the officials at the District Registrar Office.
The annual target for the five registration offices constituting Lucknow registration district is Rs 335.1 crore and the revenue collection till January 31 is Rs 298 crore. Of this, the officials could realise the revenue of Rs 247 crore recording a growth rate of 72 per cent as against 41 per cent CPLY. Even when compared to the annual revenue target, the revenue realised so far forms 45 per cent of the annual target.
Realtors point out that areas like Faizabad Rd, Sultanpur Rd, Sitapur Rd and Raibareily Rd continue to attract the maximum attention of the investors. “The market is really picking up and serious buyers are purchasing properties. We are expecting a steep growth in the city and peripheral areas during the next six to eight months,” said Mayur Raj Kapoor, chairman & Director Money Bricks..

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