In the first half of 2022, Uttar Pradesh RERA has received about 125 applications for registration of new projects in the housing, commercial and mixed-land use category. About 66 percent of these applications belong to non-NCR districts and 34 percent to NCR districts. Residential category has the highest share in the applications for new project registration, about 75 percent, and the applications for commercial and mixed-land used projects are the remaining 25 percent.
The rise in registration of projects in non-NCR districts indicates the growing demand of housing units as well as growth of the real estate sector across the state. In the first half of 2021, about 100 applications of new project registration had been received. With 125 applications, the first half of 2022 has scaled a hike of 25 percent in new applications in comparison to the first half of 2021. Presently, more than 3200 real estate projects are registered in UP RERA and all relevant information is available on the official website- https://www.up-rera.in/projects.
Lucknow, Kanpur, Varanasi, Bareilly, Prayagraj, Agra, Mathura etc. are the top notch non-NCR districts in new project registration. Apart from these popular locations, applications have also been received from Amroha, Shahjahanpur, Gonda, Bahraich, Sultanpur, Firozabad, and Lalitpur districts, that show 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 have topped the list in project registration.
It is to be noted that UP RERA has received more than 60 applications for registration of new projects per quarter in the last 6 months, which reflects rapid growth of the real estate sector in the state. Hike in the applications for new project registration has various reasons such as the 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 to these locations need better habitations, amenities and facilities for families. Catering to these requirements, new real estate destinations are emerging in the state to offer wholesome locations to stay for long,” said the authority.
In this registration process, the concerned promoter provides all the important information related to the project such as plot number, project name, map and layout, number of floors, number of units on each floor, structure of the unit by floor area, green area, elevators and all types of facilities offered to a home buyer are mentioned. Apart from this, all promoters, parent institution, architect, financial institution and other important and necessary information, including the date of construction of the project as per the RERA Act, the date of its completion, periodical quarterly progress report and other important and necessary information are also recorded by the promoter on the website.
Based on the information provided by promoters, UP RERA reviews the project and issues necessary guidelines to the promoters to ensure time-bound construction in the interest of home buyers. Once the approved information is uploaded on the website, it is not possible to change the original plan without prior approval of RERA.
After the implementation of RERA Act 2016, if an under-construction property is part of notified planning area and construction on land is upto or more than 500 square meters (5382 square feet) and total no. of units are 8 or above, then it is mandatory to register it on the website of UP RERA.
