PM wants a vibrant real estate sector in the country: UP RERA Chairman

Noida: Prime Minister Narendra Modi wants a vibrant real estate sector in the country, with the impression of problems in the sector going away, according to Uttar Pradesh Regulatory Authority (UP-RERA) Chairman Sanjay Bhoosreddy.

Addressing the sixth edition of R&M Podium, a real estate conference organised by Realty & More magazine here Friday, Bhoosreddy said that on Wednesday there was a meeting at the Prime Minister’s Office where megaprojects are monitored.

“In the last few months, a lot of complaints are going to the public grievances cell of the Government of India, which is directly monitored by the Prime Minister’s Office,” he stated. “The Prime Minister chairs this meeting of PRAGATI (Pro-Active Governance and Timely Implementation)… he wants a very vibrant real estate sector.

Bhoosreddy said that the real sector will play a big role in the growth of India and its GDP.

“All ancilliary industries will benefit,” he said. “For the next 20 years, the real estate sector will grow not only in UP but the rest of the country.” Bhoosreddy said that UP-RERA is working hard to streamline the grievance addressing mechanism to deal with complaints from home-buyers.

“UP-RERA is the smallest RERA with the biggest area in the country,” he said. “We have 75 cities to handle. Earlier, there were only a few districts, which were Gautam Buddha Nagar, Ghaziabad, Meerut, Lucknow, Agra, and Kanpur.”

He said that, in 2024, UP-RERA cleared 261 projects in the state, the highest number ever. Of these, over 60 projects were in Delhi-NCR, and around 200 were outside NCR,” Bhoosreddy said. He said that the real estate sector will play a big role in the GDP of India and the spinoffs.

According to Bhoosreddy, till May this year, the number of projects cleared is higher year-to-year. He said that UP-RERA is trying to streamline the grievance disposal mechanism.

“Every little RC (registration certificate) has a financial implication,” he said.

“Our (UP-RERA) endeavour could be and should be that any application, once applied, we should be able to issue within 30 days Form C (for approval),” he said.

Bhoosreddy stressed that timely completion of the projects is essence in the real estate sector. He further stated UP-RERA has trained over 500 real estate agents.

“These agents will be of great help to the real estate sector,” he said.

He highlighted that there are more than 4,000 real estate projects registered under UP-RERA, but the projects are larger with a significant number of units. He said the UP-RERA is compiling the data of the number of units and proposed investments in these projects.

He concluded by saying that in all parameters of real estate development, Uttar Pradesh should rank at number one.

During the R&D Podium, three panel discussions were held.

The first was themed ‘RERA: Regulatory Framework: The Growth Enabler”. It was moderated by Palash Roy, Editor of Realty & More Magazine. The panelists comprised Bhoosreddy, Geetambar Anand, CMD of ATS, Sanjeev Alaiawadi, Head of Legal in Max Estates, Sanjay Sharma, Director of SKA Group and Suresh Kumar Garg, CMD of Nirala.

The second panel discussion focused on ‘Luxury Housing: Renewed, Revived and Regulated’. Moderated by Abhinav Joshi, Head of Research for CBRE India, Middle East and North Africa, the panelists in the discussion included Jatin Goel of Omaxe, Vibhor Tyagi, MD of VVIP Group, Salil Kumar, Director of CRC, Ashim Choudhury, Senior VP (Research and Advisory Services) of ANAROCK and Deepak Mishra, Director and Head (North India) for Residential Services at Colliers India.

The theme of the third panel discussion was ‘Commercial Real Estate: India Calling’. Moderated by Yogeshwar Sharma, Chief of Business Development and Leasing at DLF, the panelists included Deepak Kapoor, Director of Gulshan Group, Surabhi Gupta, Executive Director (Commercial Leasing and Advisory) at ANAROCK Group, Sakshi Goel, Associate Executive Director (Retail) at CBRE, and Deepak Yadav, CXO and Chief Business Development Officer at Shoppers Stop Ltd.