Record-Breaking 220 New Projects Registered in 2024, Boosting Real Estate Development Beyond NCR

Lucknow/Gautam Buddha Nagar, October 22, 2024 – Uttar Pradesh’s real estate sector is witnessing an unprecedented rise in new project registrations under the Real Estate Regulatory Authority (RERA). From January to October 2024, about 220 new projects have been registered, surpassing the previous years and reflecting a growing trust among promoters, home buyers, and RERA.

Notably, the registration of new projects in non-NCR (National Capital Region) districts is outpacing that of NCR regions, signaling a shift in real estate activity towards tier 2 and 3 cities.

Non-NCR Districts Lead the Charge in Real Estate Growth

Out of the 220 newly registered projects, approximately 144 (65%) are located in non-NCR districts such as Mathura, Ayodhya, Bareilly, and Varanasi, while the remaining 76 projects (35%) come from NCR regions like Gautam Buddha Nagar, Ghaziabad, and Meerut. This is a significant increase from 2017-2018 when both regions contributed equally to project registrations.

The sharp rise in registrations outside the NCR highlights the growing confidence of developers in smaller cities and increased compliance with RERA regulations. This shift also indicates that homebuyers in these regions are gaining greater access to regulated and transparent real estate projects.

RERA Ensuring Transparency and Accountability

The U.P. RERA’s efforts to promote transparency have been pivotal in fostering trust. All project information, including registration numbers, QR codes, and collection account details, is now available on the RERA portal and must be displayed in all advertisements. This ensures that stakeholders, especially home buyers, can make informed decisions.

U.P. RERA Chairman Sanjay Bhoosreddy emphasized the authority’s commitment to transparency and regulation:

“We are constantly working to ensure that the real estate sector in the state develops continuously and with robust regulatory oversight. The rise in new project registrations is proof that our efforts are bearing fruit, and we expect even more growth in the future.”

New Registrations Outpace Previous Years

In 2023, 190 projects were registered, while 2022 saw 215 new registrations. This year’s tally of 220 projects by mid-October marks a new record. Non-NCR districts, such as Prayagraj, Jhansi, and Lucknow, are seeing a surge in real estate activity, indicating a broader distribution of real estate development across the state.

Of the 3,756 total registered projects in the state, 2,055 are located in non-NCR regions, while 1,701 are from the NCR districts. Furthermore, out of the total registered projects, 1,207 have been completed, with occupancy and completion certificates obtained.

A Strong Future for U.P. Real Estate

The U.P. real estate sector’s rapid growth is closely tied to the state’s infrastructure development and investment opportunities. By creating a regulatory framework that emphasizes transparency, the U.P. RERA is laying the foundation for a more secure and prosperous real estate market.

With more projects expected to be registered in the coming months, the authority is ensuring that all stakeholders, including home buyers, have access to reliable, up-to-date information. The e-office system has also been implemented to streamline project registrations and further improve transparency.

The continued rise in project registrations is a testament to the trust developers and consumers have in the system. As Bhoosreddy noted,

“We are confident that the real estate sector in U.P. is on a path to strong, regulated growth, and we are committed to providing all necessary resources to maintain transparency and confidence.”

Key Stats at a Glance

220 new projects registered in 2024 (January-October)

144 projects from non-NCR districts (65%)

76 projects from NCR districts (35%)

1,700 new projects registered since RERA’s inception in 2017

1,207 projects completed with occupancy certificates