The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) said it has approved 11 projects across five districts, involving an estimated investment of over ₹2,086 crore and the development of 1,873 residential and commercial units.
According to the statement, the approvals were granted at the 215th meeting of the authority held at its headquarters here, chaired by UPRERA Chairman Sanjay Bhoosreddy.
Gautam Buddh Nagar had largest investment share
The statement reads that Gautam Buddh Nagar accounted for the largest share of the proposed investment, with two residential projects involving an estimated investment of ₹1,800.36 crore. The projects will have 1,398 residential units.
"Lucknow has the highest number of approved projects. A total of five projects have been approved in the district. These include two residential and three commercial projects. An investment of around ₹169.53 crore is proposed in these projects, while a total of 198 units will be developed," said the statement.
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The statement reads that one residential project has been approved in Barabanki. The project involves an estimated investment of around ₹5.78 crore. A total of 53 residential units are proposed to be developed under the project.
{{/usCountry}}The statement reads that one residential project has been approved in Barabanki. The project involves an estimated investment of around ₹5.78 crore. A total of 53 residential units are proposed to be developed under the project.
{{/usCountry}}"Two residential projects have been approved in Ghaziabad. The two projects involve a total estimated investment of ₹106.84 crore. A total of 211 residential units are proposed to be developed through these projects," according to the statement.
UPRERA said that one commercial project has been approved in Moradabad. The project involves an estimated investment of around ₹3.55 crore, with 13 units proposed to be developed.
"The Authority is continuously working to make real estate sector in the state more organised, transparent and accountable. Along with granting timely approvals to projects as per the prescribed process, the Authority is also monitoring their development," said.
"UPRERA is working to ensure effective compliance with the provisions of the RERA Act and to maintain a clear and reliable system for both promoters and homebuyers. He added that the Authority will continue to promote balanced and well-planned real estate development in the state while protecting the interests of consumers," Bhossreddy said.
"The proposed investment of ₹2,086.06 crore in the projects approved by UP RERA is expected to benefit not only the real estate construction sector but also related sectors such as construction materials, transportation, engineering, labour and other associated activities. The development of these projects is expected to increase economic activity at the local level and create new employment opportunities," the UPRERA said.
According to UPRERA, state government policies aimed at promoting investment and efforts to make real estate-related processes more organised and simple have also contributed to the growth of activities in this sector. With the expansion of projects related to housing and urban development, the potential of the real estate sector in the state continues to grow.