Spurt in registration of projects in UP RERA

The recent figures of UPRERA demonstrate that the real estate sector is fast recovering from the negative impact of Covid- 19 pandemic and gaining momentum once again. The increasing trend in the registration of new projects, as being seen on the website of UPRERA in the last four months, is indicative of the fact that now the real estate sector of the state is gaining momentum and fast coming back on track. This rise in registration of projects also points to the improvement in the economic activities across different sectors in the state leading to the higher purchasing capacity of the prospective home buyers.

As a result people are now investing in the real estate property in larger numbers, just as they were doing in the pre-Covid times. During the four months prior to the first wave of Covid-19, i.e. in December 2019 and January, February & March 2020, when there was normalcy all around, a total of 68 applications were received for registration of new projects with the U.P. RERA. There had been considerable fall in the number of applications for registration of the projects during one and half years following the outbreak of Covid. The sector started gaining momentum since August 2021 and now the pace appears to be better than even the pre-Covid days.

The number of applications for registration of new projects during the last four months, i.e. November 2021, December 2021, January, 2022 and February 2022 is as high as 116. The growing trend is more noticeable in the cities outside of NCR. The registration data of projects in UP RERA for the last four months also shows that during this period, 83 applications for registration of new projects were received from the districts outside of NCR as compared to 33 applications from the districts of NCR, that is, 80 per cent of all the applications for registration of new projects are from outside of NCR, especially from Lucknow-Barabanki region, Kanpur region and Agra-Mathura region.

So far the number of projects in the NCR and non NCR Districts had been almost equal. The current trend is also an indicator that the housing activities in the districts outside of NCR are showing more upward trend which reflects the increasing interest of the people in modern housing units. It can also be said that as a result of the positive attitude of the planning bodies in these areas and the returning of the economy on the track, the real estate is witnessing a relatively higher growth in non NCR region. UP RERA, through its initiatives and constructive support, has been the most effective agent for the recovery and growth in the real estate sector despite the adverse impact of Covid-19 pandemic.

Consumers are getting quick relief due to the positive role and decisions of UP RERA and they are developing a confidence that the projects registered with UP RERA will be completed in time and their investments will be safe and secure under it’s watchful eyes. UP RERA has also played sensitive role in resolving the problems of the promoters which could otherwise hamper the development work under the projects. It has been brought out in a recent study conducted by an internationally reputed consulting firm that RERA is having very positive impact in the sector and UP RERA has been playing very important role in building of trust in the real estate sector leading to its healthy growth with transparency and accountability.