More than 2 lakh 70 thousand new houses
- During the year 2024 total number of 259 real estate projects were registered with U.P. RERA and more than 2 lakh and 70 thousand families will get houses under these projects.
- Lucknow saw launching of 61 projects and Gautambudha Nagar 51 projects.
- These projects will together have an investment of about Rs. 45,000 crores.
- Remarkably, U.P. RERA has issued the registration certificates of these projects after thorough scrutiny and thus investment under these projects may be a safe preposition for the home buyers.
Lucknow/Gautambudha Nagar: The real estate sector of Uttar Pradesh is once again on the bloom. The fast pace of this development can be clearly seen from the fact that during the year 2024 the real estate promoters registered 259 projects with RERA which is higher than the preceding years. It is all the more remarkable that where as previously almost 50 percent of the projects were being launched in Gautambudha Nagar, the fact-sheet shows that now Lucknow leads the state in terms of the number of new projects. Still Gautambudha Nagar leads in terms of the number of units, the area under the projects and overall investment. Gautambudha Nagar has 51 projects with 109075 units, total area of 1,355 thousand sq.mts. and investment of Rs. 20,929 crores. Lucknow has 61 projects with 53655 units, total area of 929200 thousand sq.mts. and investment of Rs. 6,150 crores. The higher number of units with larger area and more investment in the district of Gautambudh Nagar is attributable to larger number of high-rise buildings and higher demand by the higher middle class. Ghaziabad occupies third position after Lucknow and Gautambudha Nagar in terms of the area and units.
The current status of the real estate sector can be understood from the table below:
Geographical Region | Projects | Area (sq.mts.) | Units |
NCR Region | 88 | 1884700 | 160490 |
Western Region | 63 | 1916900 | 26330 |
Central Region | 91 | 1626000 | 71580 |
Eastern Region | 16 | 1892500 | 12220 |
It was stated by Sanjay Bhoosreddy Chairman, U.P. RERA that the real estate sector of Uttar Pradesh has been gaining pace as a result of forward looking policies of the Government and the development of infrastructure facilities all over the state. We are now witnessing the preference of the people for apartments in small and medium cities also with the development of educational, health, employment and infrastructure facilities outside the metropolitan cities. We can also discern the positive impact of the governmental policies of attracting more and more investments in the state. There is larger demand for higher bracket houses in the districts of Gautambudha Nagar and Ghaziabad because of the tendency of investments from the residents of Delhi and other areas of NCR in these districts. These are good omens for the growth of our state. RERA has been rigorously monitoring the promoters and real estate projects leading to the timely completion of the projects and trust enhancement of the consumers. As RERA continues with its resilient endeavours to protect the consumer interest and ensure transparency and accountability in the real estate sector, we can be hopeful of a more competitive and burgeoning real estate.