Property market recorded healthy growth last year, says NHB data in Uttar Pradesh

LUCKNOW: Recovering from the pandemic shock, the real estate market in the residential segment witnessed a healthy growth in key cities of Uttar Pradesh in 2022, revealed data of National Housing Bank (NHB), a government body that regulates the housing finance companies.
While Noida and Greater Noida continue to be the thrust area, property values across all cities have gone up last year.
NHB, in its latest report released on February 23, has shared the trends of six UP cities –Noida, Greater Noida, Ghaziabad, Meerut, Lucknow and Kanpur.
Having analysed the portfolios of the housing finance companies, NHB released the annual variation in the assessment price (overall value) of a housing unit and per square foot rates of the under-construction apartments.
The steepest hike by December 31 in the value of the houses was noticed in Greater Noida which recorded year-on-year growth of 14.2% while Lucknow stood second yielding YoY returns of 9.5 % to the homebuyers.
The least growth was recorded in Kanpur (3.8%) followed by Meerut (5.8%). Noida recorded growth of 8.5 % in the overall value of a housing unit compared to December 2021.
Similarly, under-construction properties are also generating significant traction in the market. The quoted price of the properties among the potential buyers has gone up significantly, pointed out NHB.
Khalid Masood, director of Shalimar Corp said: “The provisions and policies being promulgated by the UP government are having a positive impact on the real estate market. Also, connectivity and accessibility to various parts of the state has improved and commute time gone down due to better infrastructure.”
While majority of the units that have come up in Lucknow are in the range of 650 sqft to 1200 sqft and the average price per square foot over carpet area hovers close to Rs 6,000.
Experts pointed out

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