In the last one year, Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has registered 139 new projects in non-NCR districts across the state. During this period, 74 new projects were registered in the NCR.
According to UP RERA chairman Rajive Kumar, the real estate sector in non-NCR is gaining momentum as far as registration of new projects is concerned. Demand for new homes in the state capital is increasing as more people from eastern Uttar Pradesh want to settle in Lucknow, say real estate experts.
While Varanasi and Gorakhpur are witnessing new boom in real estate sector as the former being PM Narendra Modi’s parliamentary constituency and the latter U.P. chief minister Yogi Adityanath’s political turf.
Varanasi and Gorakhpur represent two different regions of eastern Uttar Pradesh and both are witnessing large scale development work due to representations of the region by political heavyweights.
For people of eastern Uttar Pradesh first preference is Lucknow till date. Of late, Varanasi and Gorakhpur have also figured in the list of favoured destinations for them. While those living in western Uttar Pradesh prefer Gautam Buddh Nagar, Delhi, Ghaziabad and NCR region of Haryana.
Of 2,056 registered ongoing projects, 1300 projects (64.70%) projects have been completed, said UP RERA officials. Out of 987 (48%) ongoing projects in 67 districts of non-NCR, 399 projects (19.4 %) are in Lucknow.
Out of 1211 new projects, 452 projects (37%) are in NCR and 759 projects (63%) are in non-NCR. The share of NCR in ongoing projects is 52.5 percent while in new projects it is 37.5 percent only.