UP RERA logs growth in registration of new real estate in 2022

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) reported a 23% increase in new project registrations in 2022 over the previous year. According to the UP RERA, 215 projects were registered in Uttar Pradesh in 2022. The UP RERA was established in 2017 to govern the rapidly increasing real estate sector, introduce transparency, safeguard homebuyers' interests, and ensure timely resolution of consumer and builder disputes. 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 a statement. The number of projects registered in 2022 increased by around 23% over 2021, according to the report. According to UP RERA secretary Rajesh Kumar Tyagi, approximately 90 new residential, commercial, and mixed-use real estate projects were registered in the second half of 2022, whereas 125 new projects were registered in the first half. In 2020, due to the Covid-19 epidemic, there was a decrease in the registration of new projects and only 161 projects could be registered, in which there was a huge decline, almost 60 per cent, in new project registration in the NCR region, he said. 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, Tyagi added. According to the secretary, the registration of 215 projects in 2022 shows the increasing demand for homes in Uttar Pradesh, the rapid and positive growth of the real estate sector. This year, there was a hike in the registration of new projects from 10 to 30 per cent across categories in NCR and non-NCR districts, he noted. Also Read Jodhpur railway stn to be revamped at 4740million in 3 years Odisha to divest 49% stake in profit-making PSU