The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has witnessed a significant rise in the number of new project registrations in both non-NCR and NCR districts from January to October 2024.
As published by the Economic Times, the increase reflects a positive shift in the state’s real estate market, with more projects being developed across various regions.
In the first 10 months of 2024, 220 new projects have been registered with UP-RERA. This marks a notable jump compared to the 190 projects registered in 2023 and 215 projects in 2022. The rise in registrations highlights renewed activity in the real estate sector across the state.
Out of the 220 projects registered in 2024, there is a clear division between projects in non-NCR and NCR districts:
- Non-NCR Districts: About 144 projects (65% of the total)
- NCR Districts: About 76 projects (35% of the total)
This is a shift from earlier patterns when the division between NCR and non-NCR projects was more evenly distributed, particularly during the 2017-18 period. Non-NCR districts have seen a substantial increase in development projects, which suggests a focus on expanding real estate opportunities beyond the immediate NCR region.
The new projects in non-NCR districts are spread across several areas, including:
- Mathura
- Ayodhya
- Bareilly
- Moradabad
- Jhansi
- Prayagraj
- Varanasi
- Lucknow
The NCR districts registering new projects include:
- Gautam Buddha Nagar
- Ghaziabad
- Meerut
This focus on both non-NCR and NCR districts indicates a balanced approach to real estate growth, ensuring development across a variety of regions in Uttar Pradesh.
As of October 2024, the total number of projects registered with UP-RERA stands at 3,756 across various categories, including residential, commercial, and mixed-use developments. These projects are distributed as follows:
- NCR Districts: 1,701 projects
- New Projects: 632
- Ongoing Projects: 1,069
- Non-NCR Districts: 2,055 projects
- New Projects: 1,068
- Ongoing Projects: 987
Of the total registered projects, 1,207 projects have been completed, and the necessary Occupancy Certificates (OC) and Completion Certificates (CC) have been obtained. This is a significant milestone for the state, as it reflects the ability of developers to meet regulatory standards and deliver finished projects on time.
The UP-RERA report also provides insight into the status of new and ongoing projects:
- New Projects: A total of 1,700 projects registered after May 1, 2017, are classified as new.
- Ongoing Projects: A total of 2,056 projects were launched before May 1, 2017, and are categorized as ongoing or under construction.
This distinction is crucial for understanding the market dynamics, as new projects are often more in demand due to updated amenities and compliance with modern regulations.
- Gautam Buddha Nagar: 1,015 projects registered, making it the largest hub of real estate activity.
- Lucknow: 785 projects registered.
- Ghaziabad: 470 projects registered.
These three districts account for a large share of real estate developments in the state, with Gautam Buddha Nagar emerging as a critical player in both residential and commercial sectors.
The significant increase in project registrations with UP-RERA in 2024 reflects a robust and expanding real estate market in Uttar Pradesh. With more projects being developed in both NCR and non-NCR districts, the state is positioning itself as a key destination for real estate investment. The increase in registrations, along with the high number of completed projects, demonstrates that the state’s regulatory framework is functioning effectively, encouraging developers to continue bringing new projects to the market.
This growth provides a promising outlook for both homebuyers and investors, as Uttar Pradesh continues to develop its real estate landscape in line with market demand and regulatory standards.