Over 3,400 Real Estate Projects Registered with UP RERA, Including 46% in NCR, as Expert Committee Urges Mandatory Registration

    Date:

    Share post:

    A total of 3,467 real estate projects have been officially registered with the Uttar Pradesh Real Estate Regulatory Authority (UP RERA), according to a recent report by an expert committee established by the Union Ministry of Housing and Urban Affairs. The report, led by Amitabh Kant, former CEO of NITI Aayog and G20 sherpa, was submitted on August 21. Notably, the committee’s key recommendation is the mandatory registration of all real estate projects with RERA.

    Within this figure, more than 46 percent of the projects, numbering 1,598, have been registered within the National Capital Region (NCR) of Delhi, while 1,869 projects fall outside the NCR region. The report emphasized the importance of stringent enforcement of Section 3 of the RERA Act, which necessitates registration for real estate projects exceeding 500 square meters in land area or involving more than eight apartments. This measure aims to bolster transparency within the sector, holding developers accountable for their obligations to homebuyers and ultimately building trust.

    The committee’s findings underscore the potential of transparent practices to deter fraudulent behavior and cultivate a climate of trust among stakeholders, particularly prospective homeowners. In UP RERA’s data, out of the total registered projects, 1,411 are deemed new, having been registered post-May 1, 2017, while 2,056 are categorized as ongoing, registered before the aforementioned date.

    Breaking down the statistics further, among the 1,869 projects in the non-NCR region, 882 are new initiatives, and 987 are ongoing endeavors. For the NCR region’s 1,598 registered projects, 529 are newly initiated, and 1,069 are currently ongoing. Gautam Buddha Nagar accounts for 962 registered projects, with 671 in progress and 291 freshly initiated. Additionally, Ghaziabad has 428 registered projects, of which 268 are ongoing and 160 are new. Lucknow, the state capital, boasts 719 registered projects, including 320 new ones and 399 ongoing ventures.

    Sanjay Bhoosreddy, the chairman of UP RERA, highlighted that the registration of projects is integral to establishing equilibrium within the real estate sector and securing the interests of homebuyers. He emphasized that all real estate promoters across the state should fulfill their responsibility by registering projects with RERA, thereby safeguarding stakeholders’ interests and abiding by the RERA Act. Bhoosreddy further noted that project registration not only protects homebuyers but also contributes to the advancement of a robust real estate industry by subjecting promoters to regulatory oversight.

    Related Posts

    Latest posts

    TCS Rents 400,000 Sq Ft Office Space in Noida

    "Tata Consultancy Services (TCS) has leased 400,000 square feet of office space in Noida due to increased demand....

    Raymond Group Unveils First Mumbai Real Estate Project in Bandra

    "Raymond Group Unveils First Mumbai Real Estate Project in Bandra, Aims to Generate Over $2 Billion" Raymond Realty, the...

    Brigade Group Plans to Expand Office Space by 3 Million Sq Ft

    Brigade Group Plans to Expand Office Space by 3 Million Sq Ft, Aims for Revenue of Rs 380...

    Big Players Oberoi and Raymond Compete in Thane Real Estate Market

    "Big Players like Oberoi Realty and Raymond Realty to Compete in Thane Real Estate Market" In the bustling real...