Registration of new realty projects increased by 25 per cent in the first half of 2022 in Uttar Pradesh and majority of them were outside the National Capital Region, regulator UP RERA said on Monday.
According to the Uttar Pradesh Real Estate Regulatory Authority (UP RERA), it has received 125 applications for new project registration till June 2022.
In the first half of 2021, the UP RERA had received 100 such applications.
“In the first half of 2022, UP RERA has received about 125 applications of new project registration in the housing, commercial and mixed-land use category,” it said in a statement.
“About 66 per cent of these applications belong to non-NCR districts and 34 per cent belong to NCR districts,” the UP RERA said.
Residential category has the highest 75 per cent share of new registrations, while the rest 25 per cent applications were for commercial and mixed-land use projects, it noted.
“More project registration in non-NCR districts indicated the growing demand of housing units as well as growth of the real estate sector across the state,” the UP RERA said.
Gautam Buddh Nagar, Ghaziabad, Hapur, Bulandshahr, Meerut, Muzaffarnagar, Baghpat and Shamli districts of Uttar Pradesh are part of the NCR which also comprises districts of Haryana and Rajasthan, besides the entire Delhi.
At present, more than 3,200 real estate projects have been registered under UP RERA.
Lucknow, Kanpur, Varanasi, Bareilly, Prayagraj, Agra and Mathura were major districts outside the NCR in terms of new project registration, it said.
Apart from these popular locations, applications have been received from Amroha, Shahjahanpur, Gonda, Bahraich, Sultanpur, Firozabad, Lalitpur districts, which shows an upward trend of group housing and rising impact of real estate regulation.
In NCR, Gautam Buddh Nagar, Ghaziabad and Meerut are on top in terms of the number of new project registrations.
UP RERA attributed the hike in the number of applications to growing network of roads and rail, construction of metro, rapid transit system, airports, logistic hubs and other common infrastructure.
“Apart from this, multi-faceted investment from domestic and foreign multinationals in the state has created huge prospects of new job opportunities at new destinations which were underlined,” it said.
“People coming in these locations need better habitations, amenities and facilities for families. Catering these requirements, new real estate destinations are emerging in the state to offer wholesome locations to stay for long,” it added.
