Remittances make way for realty boom in Utraula, UP

UTRAULA (BALRAMPUR): The huge influx of remittances in this small town has triggered a side-effect — astronomical rise in land price. In fact, the land rates in prime location of this town is as high as in Lucknow’s localities like New Berry road, New Hyderabad, Nishatganj and Prag Narain Road.

An instrument to invest, real estate market in Utraula defies the laid down logic behind industry. Though no multiplex, supermarket, health or educational facilities have been able to flourish in Utraula, people owning prime land chunks have.

Babbu Malik and Pappu Malik from Malik Associates, property dealer and commission agent located at Manikapur crossing say, “Circle rates are almost 8 to 10 times in lower than the market prices. Due to veritable real estate boom residential land rates are upwards of Rs 15,000 per sqft off the main roads,” says Babbu. On the main crossings, such as Utraula – Manikapur chauraha the land rates can be as steep as Rs 30,000 for a square feet. Unlike the normal property dealings, where rates based on length and breadth, in Utruala rates are offered as per the access of the land parcel from the main road. Media visited houses built with capital cost of Rs 7 crore and Rs 5 crore, excluding the land value.

Credits ET Realty

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