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Non-NCR Cities Got 60% More Housing Projects In Last 5 Years, Says UPRERA
According to the registration data of UP Real Estate Regulatory Authority, cities like Lucknow, Varanasi, Gorakhpur, Bareilly, Agra, Mathura and Moradabad attract over 60 per cent more new realty projects compared to Noida, Greater Noida and Ghaziabad
Photo Credit : Representation
Non-NCR cities like Lucknow, Varanasi, Agra and Moradabad attracted 60 % more new projects that NCR region
Uttar Pradesh's non-NCR region has been more favoured when it comes to realty projects. According to the registration data of UP Real Estate Regulatory Authority, cities like Lucknow, Varanasi, Gorakhpur, Bareilly, Agra, Mathura and Moradabad attract over 60 per cent more new realty projects compared to Noida, Greater Noida and Ghaziabad.
In 2022 itself, the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) had registered around 225 projects, of which more than 150 were in non-NCR cities like Lucknow, Varanasi, Gorakhpur, Bareilly, Agra, Mathura and Moradabad.
"Almost 72 projects were in the National Capital Region and 153 projects were in the non-NCR districts. The ratio of project registration in NCR and non-NCR is 32:68," the UP RERA said in an official statement.
Of these, 36 projects have been registered in September, just before festival season, which is the highest number of project registration in a month to date and a record too, the statement added. The regulator noted that there are 2,057 ongoing projects and 1,290 new projects registered in RERA.
Out of 2,057 ongoing projects, 1,070 projects (52%) were in eight districts of NCR -- mainly in Gautam Buddh Nagar (Noida and Greater Noida), Ghaziabad, Meerut and Hapur.
Out of 987 (48%) ongoing projects in 67 non-NCR districts, 399 projects (19.4%) are in Lucknow, it added.
New projects are the projects that have been registered after 01 May, 2017. Out of 1,290 new projects, 480 projects (37%) are in NCR and 810 projects (63%) are in non-NCR areas.
The UP RERA was established in 2017 to regulate the real-estate sector, bring transparency, protect the interest of homebuyers and ensure speedy resolutions of disputes of consumers and builders. In 2022, approximately 225 applications of new project registration have been received of which 125 in the first half and 100 in the second half of the year.
UP RERA Chairman Rajive Kumar said a lot of new registrations are coming up in non-NCR areas and almost 20% of them are in Lucknow, while there is a fair proportion in Varanasi, Gorakhpur, Jhansi, Bareilly, Moradabad, Agra, Mathura and Vrindavan.
"When we started, the split of projects between NCR and non-NCR areas was about 50-50. Now, under the new project category, I think it is 70-30. More projects have come up in the non-NCR region," Kumar said.
According to RERA’s official data, out of 2,057 registered ongoing projects, 1,354 projects (66%) projects have been completed.