In September, 36 applications to register new residential and commercial real estate projects were submitted to the Uttar Pradesh Real Estate Regulatory Authority (UP RERA).In the month of September, the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) received 36 applications to register new residential and commercial real estate projects.
According to the authorities, this is the most applications that have been submitted in a single month since UP RERA was established in April 2017. In the first half of 2022, 125 applications to register new projects were submitted.
The regulations provide that a developer must register any new project with the government and get a registration number prior to starting development.
Previously, according to RERA, 70% of new projects came from Noida, Greater Noida, Ghaziabad, and Meerut, while the remaining 30% came from non-NCR towns like Lucknow, Kanpur, and Agra. According to Rajive Kumar, chairperson of UP RERA, "in September, 70% of new applications were from non-NCR towns and 30% from NCR towns."
Out of the 36 applications that were received in September of this year, 24 were from non-NCR towns like Lucknow, Agra, and Moradabad, and the remaining from NCR towns like Noida, Meerut, and Ghaziabad. RERA has approved 6931 residential and 1185 commercial units, with a total project cost of 3,648.35 crore.
"The real estate industry has been stagnant for the past two years as a result of the Covid-19 outbreak, so this is a significant step. The most recent statistics demonstrate consistent expansion throughout the state, according to Manoj Gaur, managing director of the Gaursons Group and president of the Confederation of Real Estate Developers Association of India (CREDAI).
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