Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has given the green light to six new real estate projects in five districts of the state with the proposed investment of Rs 863.94 crore. These projects are anticipated to the development of 1,470 residential and commercial units that will contribute a massive uptrend to the real estate and construction sectors of the state. The authority's 188th meeting, which was chaired by the Chairman Sanjay Bhoosreddy and held at the headquarters, was the venue of this decision.
The authority informed that Bareilly got the nod for two different projects, and Kanpur Nagar, Noida, Lucknow, and Varanasi were each cleared for one project. The largest investment is in Noida at Rs 444 crore, trailed by Kanpur Nagar at Rs 173.64 crore, Lucknow at Rs 136.94 crore, Bareilly at Rs 60.42 crore for its two projects, and Varanasi at Rs 48.94 crore.
"The distribution of projects reflects balanced real estate growth across the state and growing investor interest in different regions," UP RERA said in a statement. Most of the approved projects are residential in nature, while the projects in Lucknow and Noida are commercial, reflecting the growing demand for office and retail infrastructure alongside housing development.
UP RERA belives that implementing these projects would strengthen the state’s housing and commercial infrastructure and generate significant local employment and economic activity. The construction activity is projected to create direct and indirect job opportunities for laborers, engineers, architects, and other professionals. In addition, it is expected to stimulate growth in related sectors such as cement, steel, tiles, electrical goods, paints, furniture, transport, and financial services.
A RERA spokesperson said the state aims to stimulate growth in cement, steel, tiles, electrical equipment, paint, furniture, transport, and financial services, thereby providing a strong multiplier effect to the state’s economy.
According to the authority, the main reasons for the growing investor confidence in the real estate sector of Uttar Pradesh are transparent systems and timely project evaluation processes that have not only facilitated real estate activities in smaller and medium-sized cities but also helped in the branching of investments outside metropolitan hubs.
Chairman Sanjay Bhoosreddy highlighted the positive effects of the project on the overall economy. “This investment of about Rs 864 crore will not only boost the construction industry but also contribute to the state's economy and employment generation. UP RERA is committed to ensuring that every project is completed in compliance with regulations and in the best interest of homebuyers,” he said.
"The distribution of projects reflects balanced real estate growth across the state and growing investor interest in different regions," UP RERA said in a statement. The approvals, which are a mix of residential and commercial projects, aim to facilitate the further development of the infrastructure, draw the investments, and create the jobs, at the same time protect the homebuyers' rights through the supervision of the regulation.
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