Festival season booster: U.P. RERA registers maximum projects worth Rs. 3600 crore in a month

Lucknow/Gautambuddha Nagar: In the month of September, 36 new real estate projects have been registered in the Uttar Pradesh Real Estate Regulatory Authority (U.P. RERA) across the state. This is the highest number of projects being registered in a month which is a new record in itself. In the list of new registrations there are 32 residential and 4 commercial projects and an estimated value of these projects are worth Rs. 3648.35 crore. The numbers of proposed units to be constructed in these projects are 8116, in which 6931 residential and 1185 commercial.

As a rising trend, non-NCR districts are the new focus area for the promoters as 24 projects have been registered in these districts. 12 new projects have proposed in NCR districts. Thus the ratio of non-NCR to NCR in registration of new projects is 70:30. So currently non-NCR districts are getting more registrations than NCR districts in comparison of 2017 when the ratio used to be 50:50. All projects have been registered in 14 districts of state in which 3 belongs to NCR and rest 11 belongs to non-NCR districts.

In NCR, highest, 7, projects have been registered in Ghaziabad district followed by Gautambudh Nagar and Meerut where 3 projects have been registered in each district. Whereas in non-NCR, highest number of projects, 4, have been registered in Lucknow and Agra each, 3 projects have been registered in Kanpur, Vrindavan and Moradabad, and 2 projects Gorakhpur. Single project has been registered in Jhansi, Varanasi, and Gorakhpur districts.

Another trend has emerged in this festival season when promoters came forward to register real estate projects in districts like; Gonda and Badaun where group housing projects had not in vogue so far. The registration of real estate projects from non-NCR districts reflects the growing demand for homes across the state as well as the growth of the real estate sector and the increasing regulation of the Real Estate Regulatory Authority.

After recovering from the waves of Covid-19 pandemic in the year 2020 and 2021, this festive season is showing progress in every sector and real estate is not an exception. In Uttar Pradesh, the real estate sector is setting new records in this matter and this is a sign of speedy recovery for the real estate sector which is crossing pre-pandemic era.

Uttar Pradesh government has approved many mega infrastructure projects like; International Airport, Rapid Rail, Metro Rail corridors, expanding network of expressways and highways, Transport Hubs, Data Centers, Logistic Parks, and Freight Corridors. Apart from these, strong development of common infrastructure and policy overhaul has created a conducive environment for multi-faceted industrial investment which is giving boost to the real estate sector. Presently more than 3300 projects are registered in U.P. RERA and all necessary information related to them is publicly available on the website- https://www.up-rera.in/projects