Dhanteras Delight: Markets bask in festive splendour as sales skyrocket to ₹1.7k cr
The bustling Dhanteras market, a precursor to Diwali, became a treasure trove for city residents as happiness worth approximately ₹1,700 crore found its way into their homes.
Lucknow The echoes of a vibrant Dhanteras reverberated through Lucknow’s markets, signaling a triumphant revival from the shadows of the Covid era. This year’s celebrations witnessed a spectacular resurgence, marking a significant leap from the sluggish times that gripped the city.
The bustling Dhanteras market, a precursor to Diwali, became a treasure trove for city residents as happiness worth approximately ₹1,700 crore found its way into their homes. This remarkable surge starkly contrasts with the previous year’s sales of ₹1,200 crore, underscoring a resurgence that transcends the lingering impact of the pandemic, where sales had plummeted to a mere ₹1,000 crore.
Bullion trade, automotive sales, and the real estate market emerged as beacons of recovery, painting a promising picture for the city’s economic landscape. Bullion traders recorded transactions surpassing ₹250 crore, while the automotive sector revved up with sales exceeding ₹490 crore. Even the once-sluggish real estate sector received a booster dose, witnessing transactions totaling around ₹450 crore. The allure of gadgets captivated the city’s youth, reflecting in the purchase of electronic and electrical items worth approximately ₹85 crore.
Bullion Boon: Gold and silver sales sparkle
Kailash Chandra Jain, president of Chowk Sarrafa market, shared the glittering success of the bullion trade. “More than 90 kg of gold and about 700 kg of silver found new owners at the Chowk Sarrafa market on Dhanteras,” he revealed. When factoring in sales of diamond and platinum jewelry, the figures easily eclipsed the ₹250 crore mark in the state capital. “This time, customers showed eagerness in purchasing bullion and other jewelry,” Jain added.
Auto sector accelerates
Confirming the sale of around 560 four-wheelers and 800 two-wheelers, the RTO office reported tax earnings of ₹200 crore from the booked and sold vehicles. An additional 3,000 four-wheelers and 7,500 two-wheelers are slated for delivery after completing registrations post-Diwali. An RTO official expressed optimism about further revenue generation through vehicle registrations.
Noted cloth merchant Ashok Motiani highlighted the surge in cloth sales, estimated at around ₹50 crore, underscoring the city’s enthusiasm for new wardrobes this festive season.
Real estate rebound
After a lull due to the pandemic, the real estate sector experienced a significant resurgence. Builders managed to sell properties exceeding ₹450 crore, with 441 property purchases marked by e-stamp transactions. Registrations in various tehsils added to the economic activity, with the state government earning around 25 crores from these transactions.
Lucknow’s kitchens saw a shopping spree as sales of brass, steel, mixed metals, and copper utensils crossed ₹20 crore, as reported by Harish Chandra Agarwal, President of Lucknow Metal Merchants Association. The city’s markets buzzed with activity, drawing in shoppers till late night across various locales, including Aminabad, Bhootnath, Gomti Nagar, and several other vibrant hubs.