The heydays of real estate are back again. The recent registration of 36 real estate projects with the Uttar Pradesh Real Estate Regulation Authority (RERA) in September 2022 touches the pre-pandemic level of activity.
Spanning both residential and commercial segments the projects are approximately worth Rs. 3648.35 Crores. Altogether, 8116 units will be constructed of which 6931 and 1185 units are in the residential and commercial categories respectively.
While 32 projects fall in the residential category four of them are commercial projects. A significant highlight of the current registration scenario is that expansion in non-NCR areas is beginning to gain traction and of the total 36 registrations as many as 24 projects belong to these localities.
Manoj Gaur President CREDAI NCR and CMD Gaur Group
“This is an important development for the sector, after a dull period of 2 years because of Covid-19 real estate sector is moving towards a real estate boom in Uttar Pradesh. Earlier we used to see that most of the real estate development was in NCR but now we can see growth of sector in other parts of Uttar Pradesh thus resulting in a uniform growth of the sector in other parts of the state. Highest no of projects registered ever in UP RERA in the month of September 2022 suggests that there is already a huge demand of residential and commercial projects in the UP market
Amit Modi, President CREDAI Western UP & Director ABA Corp
“Maximum number of projects registered in Uttar Pradesh under RERA UP is a huge sign that the demand is continuously growing in the state of Uttar Pradesh. We are expecting 36 projects to be launched in near future with a worth of around Rs. 3648/- Crore. This will lead to a massive growth of the sector in the whole of Uttar Pradesh which was earlier limited to NCR only. We congratulate UP RERA for this effort and hope it continues to do the same in the coming months also”
Salil Kumar, Director- Marketing and Business Management, CRC Group
“UP RERA has achieved a massive feat by registering 36 new real estate projects, including residential and commercial offerings, in the last month, September. It throws light on the positive aspects of the real estate sector’s operations in the region. Encouraged by the healthy demand of buyers, developers are announcing projects, following guidelines and getting their projects registered to provide official credence to their projects. The festive season has also contributed to the hike in project registries, and developers are keen on giving buyers a diverse pool of options to choose from.”
Yash Miglani, MD, Migsun Group
In a great boost to the real estate sector, UP RERA has registered 36 realty projects in the month of September. This will speed up the onset of construction activity of the upcoming new projects and will also ensure fast deliveries and assure convenience of buyers. It is a great effort which will enable developers to introduce and invest in world-class commercial and residential projects and bring landmark developments into reality at a much faster and smoother pace.
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