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Noida : The Uttar Pradesh Real Estate Regulatory Authority (U.P. Rare) Registration of new projects is set to see a 23 per cent increase in 2022 as compared to the previous year, said an official statement on Monday. UP RERA said that in 2022 a total of 215 projects were registered across Uttar Pradesh.
UP RERA was established in 2017 to regulate the fast-growing real estate sector, bring transparency, protect the interests of home buyers and ensure speedy resolution of disputes between consumers and builders.
“About 258 and 216 projects were registered in 2018 and 2019 respectively, as compared to 215 projects in 2022. Another 161 and 174 projects were registered in 2020 and 2021 respectively,” the state real estate regulator said in the statement.
It said that there was a jump of about 23 per cent in the registration of projects in 2022 as compared to 2021.
UP RERA Secretary Rajesh Kumar Tyagi Said that around 90 new residential, commercial and mixed-land-use real estate projects were registered in the second half of 2022, while 125 new projects were registered in the first half.
“In 2020, due to the Covid-19 pandemic, there was a drop in the registration of new projects and only 161 projects could be registered, showing a steep decline of about 60 per cent in new project registrations in the NCR region,” he said.
“In 2021, the condition of the real estate sector improved and around 174 projects were registered. That year, there was a jump of 64 per cent in the registration of the NCR region, which was like a comeback for the sector. There is no significant change in registration in non-NCR districts.
According to the secretary, the registration of 215 projects in 2022 reflects the “increasing demand” for homes in Uttar Pradesh, the rapid and positive growth of the real estate sector.
“This year, there has been an increase of 10 to 30 per cent in the registration of new projects in NCR and non-NCR districts,” he added.
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