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UP RERA records increase in registration of new projects post Covid recovery
Lucknow: The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has registered increase in registration of new projects in the last four months
Lucknow: The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has registered increase in registration of new projects in the last four months.
On Friday, the UP RERA authorities pointed out that in the last four months starting from November 2021- February 2022, the regulatory authority has received 116 applications for registration of new projects on its website.
The regulatory authority has also pointed out that majority of these applications were from outside the National Capital Region (NCR). Out of the 116 applications received in the last four months, 83 were from outside the NCR. Compared to this, only 33 applications were from the NCR.
“The non-NCR regions comprised Lucknow, Barabanki, Kanpur and Agra-Mathura region among others,” said Rajesh Kumar Tyagi, secretary, UP RERA.
According to the UP RERA’s report, the real estate sector started gaining momentum from August 2021 after a downfall of one-and-half-year due to the Covid-19 pandemic. During four months prior to the first wave of Covid-19, starting from December 2019 to January, February and March 2020 when there was normalcy, 68 applications were received for registration of new projects.
“The increasing trend in registration of new projects is clear indication that the real estate sector in the state is gaining momentum and returning back on track,” said the UP RERA.
This rise in registration also points to improvement in economic activities across different sectors in the state, leading to higher purchasing capacity of prospective home buyers, said experts. As a result, people are now investing in the real estate as they were doing in pre-Covid phase, they added.
The current trend is also an indicator that housing activities in non- NCR regions are also showing an upward trend which reflects increasing interest of people in modern housing units, said experts.
