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Fresh real estate projects worth over Rs 1,400 crore are set to take shape in Uttar Pradesh after the state's real estate regulator approved 10 new developments across five districts.
The developments, cleared by the Uttar Pradesh Real Estate Regulatory Authority (UP RERA), will bring 1,632 residential and commercial units, with Ghaziabad emerging as the biggest investment destination and Gautam Buddh Nagar accounting for the highest number of approved units.The approvals were granted during the authority's 207th meeting chaired by UP RERA Chairman Sanjay Bhoosreddy.
What the districts are getting:
- Ghaziabad: UP Rera approved the largest share of investment for Ghaziabad, with two projects, one residential and one commercial, involving an estimated outlay of around Rs 957.20 crore. Together, they will comprise 625 residential and commercial units.
- Gautam Buddh Nagar: Gautam Buddh Nagat led the state in terms of the number of units approved. Three commercial projects worth an estimated Rs 281.64 crore were cleared in the district, adding 680 commercial units.
- Lucknow: Authority approved three projects, two residential and one commercial, with a combined estimated investment of Rs 26.57 crore. These developments will have 215 residential and commercial units.
- Gorakhpur: One mixed-use project approved, involving an estimated investment of Rs 144.09 crore and 69 units
- Moradabad: Moradabad got approval for one residential project worth an estimated Rs 3.05 crore with 43 housing units.
According to UP RERA, the projects are expected to support planned urban development, spur construction activity and create employment opportunities, while also generating demand for construction materials, transport and engineering services."UP RERA is continuously promoting transparency, accountability and time-bound development in the real estate sector. Prompt approval of projects coupled with effective monitoring is creating a better environment for both homebuyers and promoters," Bhoosreddy said.He said the authority would continue to ensure strict compliance with the provisions of the Real Estate (Regulation and Development) Act while safeguarding consumer interests and promoting balanced and orderly growth of the sector.
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