New Real Estate Projects Flourish in Uttar Pradesh

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has reported a remarkable uptick in project registrations in the state, indicating a revitalised interest in real estate development. From January to October 2024, approximately 220 new projects have been registered, surpassing the previous years’ figures of 190 in 2023 and 215 in 2022. This growth signals a broader trend in both non-National Capital Region (NCR) districts and the NCR itself, where developers are increasingly recognising the region’s potential for residential and commercial projects.

Interestingly, the distribution of these new registrations shows a pronounced interest in non-NCR districts, which accounted for about 144 projects, or 65% of the total. This shift reflects a growing diversification in the real estate market, with areas such as Mathura, Ayodhya, Bareilly, and Varanasi emerging as hotspots for development. In contrast, the NCR registered around 76 projects, representing 35% of the total, including key districts like Gautam Buddh Nagar, Ghaziabad, and Meerut. This near-equal distribution mirrors data from 2017-18, suggesting a return to balanced growth between urban and suburban areas.

As of now, Uttar Pradesh boasts a total of 3,756 registered projects across residential, commercial, and mixed categories. Notably, 1,701 of these are located in NCR districts, while 2,055 can be found in non-NCR regions. Out of the total, 1,207 projects have been completed, receiving their Occupancy Certificates (OC) or Completion Certificates (CC). This progress is critical as it signifies the ongoing recovery of the sector, providing hope for buyers and investors alike amid economic uncertainties.

Sustainability is emerging as a key consideration in this rapid development. With increasing awareness about environmental impacts, developers are being urged to incorporate green building practices in their projects. This aligns with the broader civic agenda of promoting sustainable urban growth and meeting the housing demands of a growing population. As these new projects are set to materialise, there is an opportunity to not only enhance the living standards of residents but also to create vibrant, eco-friendly communities that cater to the future.