• Registration of about 220 new projects in RERA between January 2024 and October 2024, a new record of new project registration!
• Registration of new projects in non-NCR districts has increased steadily as compared to NCR. This reflects the commitment of promoters of tier 2 and 3 cities to comply with the RERA Act and the rising confidence of home buyers.
• Availability of project registration number, QR code, project collection account details and all projectrelatedinformationon the RERA portal and advertisements fuelscredibility and transparency among stakeholders.
Lucknow / GautamBuddh Nagar: U.P. RERA has noticed new trends in the context of new projects registrationin the state. From January 2024 to October 2024, about 220 new projects have been registered, which is moving towards creating new records of project registration in the state in a year. The registration of new projects in the state is indicative of hike in mutual trust among RERA, promoters and home buyers. Apart from this, according to this indication, there has been a significant jump in the registration of new projects in the non-NCR districts along with new project registration in the NCR. Non-NCR districts have received registration of about 144 projects (65%) and NCR districts have received registration about 76 projects (35%) which was almost equal during 2017-18.
These indications of RERA in the context of registration of new projects present a positive framework for the regulated development of the real estate sector in Uttar Pradesh. It also indicates that the development of the real estate sector is now expanding rapidly in the non-NCR districts apart from Western U.P. Further, it reflects rise in transparency and mutual trust among the stakeholders.
By mid-October 2024, about 220 new real estate projects have been registered by the promoters in U.P. RERA, whereas a total of 190 projects were registered in the year 2023 and 215 projects in the year 2022. The projects registered from the non-NCR districts are located in Mathura, Ayodhya, Bareilly, Moradabad, Jhansi, Prayagraj, Varanasi and Lucknow, whereas, the projects registered from the NCRdistricts are located in Gautam Buddha Nagar, Ghaziabad and Meerut districts.
Registration of projects by the promoters of non-NCR districts indicates their commitment to follow the provisions of RERA Act and to instill confidence in home buyers. Apart from this, availability of the project registration number, QR code, details of project collection account on RERA portal and all advertisement materials creating a symbol of transparency, reliability and responsibility for the general public, home buyers and other stakeholders.
Out of 3,756 registered projects of residential, commercial and mixed category in the state, about 1,701 projects are located in NCR districts and about 2,055 projects are located in non-NCR districts. So far, total 1,207 projects have been completed and OC/CC has also been obtained.
Out of all registered projects, about 1,700 projects are new and 2,056 projects are in category of ongoing/work in progress. New project refers to those projects which have been registered with RERA after 1 May 2017. Ongoing projects refer to those projects which were launched before 1 May 2017 and have been registered on the RERA portal.
Out of total 2,055 projects registered in non-NCR region, around 1,068 are new and 987 projects are in ongoing category. Out of total 1,701 projects registered in NCR region, around 632 are new and 1,069 projects are in ongoing category. Around 1,015 projects have been registered in Gautam Buddh Nagar, 785 projects in Lucknow and around 470 in Ghaziabad.
U.P. RERA is putting all effort to ensure availability of all information of RERA registered project to all the stakeholders including home buyers with transparency, so that they can buy their flat/plot and shop/office space in RERA registered projects with firm faith and certainty. The rapidly growing infrastructure and investment in Uttar Pradesh is presenting possibilities of better living along with employment in future. These factors are giving new impetus to the development of real estate sector and RERA is committed for the regulation.
Sanjay Bhoosreddy, Chairman, U.P. RERA said that we are constantly working with the objective that the real estate sector in the state should develop continuously and at the same time become stronger in terms of regulation. In the coming time, registration of more projects will be possible in Uttar Pradesh and the real estate sector of the state will become more robust than before. The ever increasing registration of new projects is proof of the fact that the real estate sector of the state has now moved on the path of progress. To complete this process with more speed and transparency, U.P. RERA is making all the necessary arrangements and adopted the e-office system.
He further said that I hope that the stakeholders of the real estate sector will choose the right project for themselves only after reviewing and verifying the information available on the RERA portal. We are also regularly trying to spread awareness among the general public on this subject.
