The UP Real Estate Authority (UP RERA) has witnessed a 23% growth in registration of new projects in 2022 as compared to the preceding year an official statement said. A total of 215 projects were registered across UP in 2022 the UP RERA said.
The UP RERA was established in 2017 to regulate the fast-growing real-estate sector bring transparency, protect the interest of the homebuyers and ensure speedy resolutions of disputes of consumers and builders.
Around 258 and 216 projects were registered in 2018 and 2019 respectively in comparison to 215 projects in 2022. Another 161 and 174 projects were registered in 2020 and 2021 respectively, “the state’s real estate regulator said in the statement.
There was a jump of about 23 per cent in the registration of projects in 2022 as compared to 2021, it added. UP RERA Secretary Rajesh Kumar Tyagi said about 90 new residential commercial and mixed-land use real-estate projects were registered in the second half of 2022 while in the first half 125 new projects were registered.
In 2021 the health of the real estate sector improved and almost 174 projects were registered. That year there was a jump of 64 per cent in the registrations of the NCR region which was like a comeback for the sector. While there was no significant change in registration in non- NCR districts, “Tygi added.
According to the secretary the registration of 215 projects in 2022 shows, the increasing demand for homes in UP the rapid and positive growth for the real estate sector. This year there was a hike in the registration of new projects from 10 to 30 percent across categories in NCR and non-NCR districts,” he noted.