Real estate sector reached pre-Covid level in 2022: UP RERA

Kashi, Gorakhpur witness boom in real estate; Lko becomes favourite spot for people from eastern U.P.

The registration of projects in UP RERA (Uttar Pradesh Real Estate Regulatory Authority) reached the pre-Covid level in 2022 indicating revival of the real estate sector. From 174 registrations in 2021 and 161 in 2020, the UP RERA registered 215 projects in 2022.

Due to the Covid-19 pandemic in 2020, there was a decline in registration of new projects and almost 60 percent of the registrations in 2020 were in the NCR region. (Pic for representation)

Due to the Covid-19 pandemic in 2020, there was a decline in registration of new projects and almost 60 percent of the registrations in 2020 were in the NCR region.

In 2022, out of total projects registered, around 68 percent were in non-NCR and 32 percent in NCR districts of the state.

Thus, the well-known trend of developers flocking to the NCR was broken in 2022. As compared to the NCR, several new cities across the state have become the most preferred destinations for developers, says UP RERA.

Outside the NCR, Lucknow, Agra, Varanasi, Kanpur Nagar, Prayagraj, Mathura, Bareilly, Jhansi, Barabanki and Gorakhpur have become most preferred destinations for developers. In NCR, new projects have been registered in Gautam Buddh Nagar, Ghaziabad, Meerut and Hapur.

According to Rajesh Kumar, secretary, UP RERA, at present 3,345 projects are registered with it.

After implementation of the RERA Act 2016, any construction with more than 500 square metres (5382 square feet) or more than eight units, which comes under the purview of the notified planning area, has to be registered with the UP RERA.

Boom in real estate sector in Vns, Gkp

According to real estate experts, demand for new homes in the state capital is increasing as more people from eastern Uttar Pradesh want to settle in Lucknow.

Also, Varanasi and Gorakhpur are witnessing a new boom in real estate sector with former being Prime Minister Narendra Modi’s Parliamentary constituency and latter is chief minister Yogi Adityanath’s political turf.

According to experts, for people of eastern Uttar Pradesh, their first preference is Lucknow.

Those living in western Uttar Pradesh prefer Gautam Buddh Nagar, Delhi, Ghaziabad and NCR region of Haryana, experts added.