look news india
A big and relief news has come for the people who are dreaming of buying their own house or business establishment in Uttar Pradesh. Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has provided formal approval to 13 new real estate projects in six major districts of the state. Through these projects, a total of private investment worth ₹ 2,380.04 crore will be made in the state, under which 4,724 new residential (flats/villas) and commercial (shops/offices) units will be constructed. This green signal has been given after examining the layout, financial position and legal documents of all these projects in the 212th and 213rd official meeting held under the chairmanship of Chairman Sanjay Bhoosreddy at UP RERA headquarters.
The data from the 13 sanctioned projects shows that real estate expansion is no longer limited to traditional metros but is also rapidly expanding into tier-II and sub-urban areas.
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Barabanki (highest investment): Barabanki district adjacent to Lucknow has left everyone behind in terms of investment. Two big residential projects with an estimated investment of ₹751.42 crore have been approved in the district, in which a total of 591 residential flats and villas will be constructed.
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Lucknow (highest number of units): The supply of new units will be highest in the capital Lucknow. A major housing project costing ₹385.76 crore has been approved in the district, under which 1,392 flats alone will be constructed.
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Varanasi: The demand for real estate in the religious city Varanasi has increased rapidly. Here, 3 new residential projects will be developed with a huge investment of ₹750.24 crore, in which a total of 1,189 houses and flats will be built.
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Ghaziabad (NCR): 3 projects worth ₹286.27 crore have been approved in Ghaziabad district of Delhi-NCR. These include two commercial complexes and one residential project, which will provide 864 shops and flats in the area.
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Gautam Buddha Nagar (Noida-Greater Noida): Clearance has been given to 2 projects (one residential and one commercial) costing ₹186 crore in the district, through which 564 new units will be built.
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Agra: Two residential projects worth ₹20.35 crore have got the green signal in Tajnagari Agra, where a total of 124 houses will be constructed.
RERA Chairman Sanjay Bhoosreddy clarified that all 13 projects have been registered under the stringent provisions of the RERA Act. Developers will have to complete the project within the stipulated time frame and hand over possession to the buyers. To restore customer confidence in real estate, it will be mandatory to keep 70 percent of the project funds in a separate escrow account, so that the money cannot be diverted for any other purpose. The responsibility of quality of construction, timeliness and getting the work done as per the approved map will be on the promoters, which will be regularly monitored by the technical team of UP RERA.
This huge capital investment of about ₹ 2,380 crore will not only remove the shortage of houses and shops, but will also provide a huge boost to the allied industries. With the commencement of construction work, there will be a huge surge in demand for cement, rebar, bricks, tiles, paint, sanitary and electrical goods. Along with this, thousands of local workers related to architects, civil engineers, supervisors, masons, electricians, plumbers and logistics will get direct and indirect employment. Strengthening of infrastructure within the scope of NCR and State Capital Region (SCR) will provide new impetus to the economic cycle.
The simple land use policies, single window clearance system and better law and order of the Uttar Pradesh government have made the real estate sector in the state a safe investment destination. While earlier cases of delay in projects by builders and cheating of buyers were common, now due to the activeness of RERA there has been transparency in the market. The newly approved projects will increase affordable and premium housing options for middle class families, while the construction of new commercial complexes will provide modern and legal space to local businessmen to open their shops and corporate offices.