Over 2,70,000 New Houses Under 259 Projects Registered in UP Through 2024

Lucknow, February 1, 2025: The real estate sector is blooming again in Uttar Pradesh, with real estate promoters having registered 259 projects with the Real Estate Regulatory Authority. This is is higher than in preceding years, and all the more remarkable that Lucknow now leads the state in terms of the number of new projects instead of the usual half or so going to GautamBuddha Nagar. GautamBuddha Nagar still leads, however, in the number of units, the area under the projects and overall investment.

GautamBuddha Nagar has 51 projects with 1,09,075 units, total area of 1,355 thousand sq m and investment of INR 20,929 crores. Lucknow has 61 projects with 53,655 units and investment of Rs. 6,150 crores. The higher number of units with larger area and more investment in the district of Gautambudh Nagar is attributable to larger number of high-rise buildings and higher demand by the higher middle class. Ghaziabad occupies third position after Lucknow and GautamBuddha Nagar in terms of the area and units.

Chairman of UP RERA Sanjay Bhoosreddy said the real estate sector of Uttar Pradesh has been gaining pace as a result of forward looking policies of the government and development of infrastructure facilities all over the state. “We are now witnessing the preference of the people for apartments in small and medium cities also with the development of educational, health, employment and infrastructure facilities outside the metropolitan cities. We can also discern the positive impact of the governmental policies of attracting more and more investments in the state. There is larger demand for higher bracket houses in the districts of GautamBuddha Nagar and Ghaziabad because of the tendency of investments from the residents of Delhi and other areas of NCR in these districts. These are good omens for the growth of our state. RERA has been rigorously monitoring the promoters and real estate projects leading to the timely completion of the projects and trust enhancement of the consumers. As RERA continues with its resilient endeavours to protect the consumer interest and ensure transparency and accountability in the real estate sector, we can be hopeful of a more competitive and burgeoning real estate,” he said.