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U.P. RERA Sees Surge in New Project Registrations

Lucknow / Gautam Buddh Nagar / October 22, 2024: The Uttar Pradesh Real Estate Regulatory Authority (U.P. RERA) has witnessed an increase in new project registrations in the state. From January to October 2024, approximately 220 new projects were registered, UP RERA said in a statement.

This trend suggests a growing level of trust between RERA, developers, and homebuyers. Additionally, there has been a significant rise in new project registrations in non-NCR districts, which now account for 65% of all new registrations in the state. In 2017-18, registrations in non-NCR and NCR districts were relatively equal.

The increase in new project registrations by U.P. RERA suggests a positive trend for the regulated development of the real estate sector in Uttar Pradesh. This indicates that the sector is expanding rapidly in non-NCR districts, in addition to Western U.P. Furthermore, it reflects a growing level of transparency and trust among stakeholders, the statement added.

As of mid-October 2024, approximately 220 new real estate projects had been registered with U.P. RERA. In 2023 and 2022, 190 and 215 projects were registered, respectively. New projects in non-NCR districts were located in Mathura, Ayodhya, Bareilly, Moradabad, Jhansi, Prayagraj, Varanasi, and Lucknow. In NCR districts, new projects were located in Gautam Buddha Nagar, Ghaziabad, and Meerut, the statement said.

The registration of projects by developers in non-NCR districts indicates their commitment to complying with RERA regulations and building trust with homebuyers. The availability of project registration numbers, QR codes, and project collection account details on the RERA portal, as well as all advertisement materials, promotes transparency, reliability, and responsibility for the general public, homebuyers, and other stakeholders.

As of the specified date, there were 3,756 registered real estate projects in Uttar Pradesh. Of these, 1,701 were located in NCR districts and 2,055 were located in non-NCR districts. To date, 1,207 projects have been completed and obtained occupancy certificates (OC) or completion certificates (CC).

Approximately 1,700 projects are new registrations with U.P. RERA, meaning they were registered after May 1, 2017. The remaining 2,056 projects are ongoing projects, launched before May 1, 2017, and subsequently registered on the RERA portal.

In the non-NCR region, 1,068 projects are new registrations and 987 are ongoing projects. In the NCR region, 632 projects are new registrations and 1,069 are ongoing projects. Gautam Buddha Nagar has 1,015 registered projects, Lucknow has 785, and Ghaziabad has 470.

Sanjay Bhoosreddy, Chairman of U.P. RERA, stated that the authority is working to ensure the continued development and regulation of the real estate sector in Uttar Pradesh. He expressed optimism about future project registrations and the strengthening of the state’s real estate sector. Bhoosreddy attributed the increasing number of new project registrations to the progress of the sector and highlighted U.P. RERA’s efforts to streamline processes through the e-office system.

He urged stakeholders to review and verify information on the RERA portal before choosing projects. Additionally, he emphasized the importance of raising public awareness regarding the RERA portal.