Uttar Pradesh real estate sees 25% rise in fresh launches

Uttar Pradesh real estate sees 25% rise in fresh launches

Real estate in Uttar Pradesh could be in a recovery mode. UP RERA said that it has received 125 new project registration applications till June 2022, a 25 per cent rise over the same period, last year.

Uttar Pradesh real estate sees 25% rise in fresh launches Uttar Pradesh real estate sees 25% rise in fresh launches

Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has received 125 applications for new project registrations in the housing, commercial and mixed land use category during the first 6 months of 2022. The regulatory authority had received around 100 applications during the same period, last year.

Among the applicants, 66 per cent belong to non-NCR districts and 34 per cent to NCR districts.

The residential category has the highest share of new project registration applications at 75 per cent and the applications of commercial and mixed-land use projects constitute the remaining 25 per cent.    

“The hike in registration of new projects reflects the healthy growth of the real estate sector in the state. The registration of real estate projects is essential for the transparency of home buyers as well as the accountability of promoters. This entire process makes it easy to track the construction of projects in a time-bound manner and also helps in reducing disputes related to allottees and UP RERA has been able to ensure the same over the years,” Rajive Kumar, chairman, UP RERA, told Business Today.

An increase in the number of project registration in non-NCR districts also indicated the growing demand for housing units as well as the growth of the real estate sector across the state. According to the regulatory authority, it has registered more than 3,200 real estate projects.

Design: Mohsin Shaikh

Lucknow, Kanpur, Varanasi, Bareilly, Prayagraj, Agra, Mathura are among the top districts of non-NCR districts in new project registration. Apart from these popular locations, applications have been received from areas like Amroha, Shahjahanpur, Gonda, Bahraich, Sultanpur, Firozabad, Lalitpur districts, showing an upward trend of group housing and the rising impact of real estate regulation among promoters of these districts. In NCR, Gautambudh Nagar, Ghaziabad, and Meerut top the list of project registration.

According to Manoj Gaur, president of the NCR chapter of the industry body Confederation of Real Estate Developers’ Associations of India (CREDAI), the last four or five years were very bad for real estate, with many projects, and particularly, residential ones, mired in deep trouble.

“Last 4 or 5 years were very bad for real estate, almost all projects, especially residential were in deep trouble but after COVID-19, the sentiments towards the real estate changed a lot and results started to show and that is how we are getting to see a remarkable jump in new launches. The other reason is that several old projects are on the verge of finishing or already are already delivered and now developers need new work,” Gaur explained.

UP RERA's Kumar pointed out that the regulator has received more than 60 applications of new project registrations per quarter in the last 6 months, which reflects rapid growth of the real estate sector in the state.  

“There is a hike in new project registration applications for various reasons: 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. People coming in these locations need better habitations, amenities and facilities for families,” Kumar explained.

Also Read: Investments in real estate reach $2.6 bn in H1 2022; office sector leads with 48% share: Colliers India

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Published on: Jul 18, 2022, 6:58 PM IST
Posted by: Tarab Zaidi, Jul 18, 2022, 6:54 PM IST