UPRERA: Nearly Half Of Registered Projects Are Located In NCR

According to Uttar Pradesh Real Estate Regulatory Authority (UPRERA), nearly half of the planned residential and commercial units will be limited to just three NCR districts of the State, namely Ghaziabad, Gautam Buddha Nagar (Noida), and Meerut. Read on to know why developers continue to show this affinity towards NCR! While developers have started foraying into non-NCR areas, almost half of the planned residential and commercial projects will be built in just three National Capital Region (NCR) districts of Uttar Pradesh, as per UPRERA. It attributes this focus to the region’s proximity to the National Capital – Delhi UPRERA registered projects: Latest update UPRERA registered as many as 36 projects in September this year, out of which 32 projects are residential and remaining four are commercial constructions. This is by far the regulatory authority’s highest monthly count. A total of 8,110 units are to be constructed. The share of projects being built in three NCR districts of the State stands at 3,841 units (47 percent). The 12 projects in which these units are being constructed are in Ghaziabad, Gautam Buddha Nagar, and Meerut. The remaining 53 percent units (4,275 units) are spread across 24 projects in 11 non-NCR towns, including Gorakhpur, Vrindavan, Lucknow, Agra, Moradabad, and Kanpur The reasons behind the NCR-conformity by the developers Higher Floor Area Ratio (FAR), people’s preference to settle in NCR due to better employment and business opportunities, projects spread over 10 to 20 acres of land parcels, and robust infrastructure growth are some of the major factors behind the popularity of NCR districts among developers. Iterating the above-stated facts, Manoj Gaur, president CREDAI-NCR, shared that the primary reason for the demand for residential properties in the NCR is that it sees maximum migration here because of its proximity to Delhi. With lucrative options available, demand is good and hence the new projects are launched to meet the demand. He further added that if the economy continues this trajectory, we may see more projects being registered in the NCR region in upcoming months. After the implementation of the Real Estate (Regulation and Development) Act (RERA Act) in 2016, more than 3,300 projects have been registered with the authority till date.