UP RERA gives green light to 13 real estate projects worth ₹2,380 crore; Noida, Ghaziabad to get ₹ 500 crore investment | Mint
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) on Friday said it has approved 13 real estate projects involving an estimated investment of Rs. ₹2,380.04 crore in six districts.
While Barabanki accounted for the highest investment and Lucknow the largest number of units, the projects stood around ₹500 crores have been approved in Noida and Ghaziabad, news agency PTI reported citing an official statement.
Which district gets what?
The projects approved in Barabanki, Lucknow, Varanasi, Ghaziabad, Gautam Buddh Nagar and Agra will lead to construction of 4,724 residential and commercial units, said a statement issued by RERA.
Barabanki, adjacent to Lucknow, topped the list in terms of proposed investment with two residential projects worth ₹751.42 million crowns. The projects will have a total of 591 residential units, the statement said, according to PTI.
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Lucknow, meanwhile, leads in terms of units, with a single residential project comprising the investment ₹385.76 crore and 1,392 units, he added.
Three projects have been approved in Ghaziabad – two commercial and one residential – with an estimated investment of Rs ₹286.27 million crowns. They will have 864 units.
Gautam Buddh Nagar, which includes Noida, has received approval for one residential and one commercial project involving an estimated investment of approx. ₹186 million and 564 units.
Varanasi has received approval for three residential projects involving an estimated investment of Rs ₹750.24 million and 1,189 units.
Two residential projects in Agra involving an estimated investment of Rs ₹20.35 crore, will have 124 units.
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According to the report, the approvals were given during the 212th and 213th meeting held at the UP RERA headquarters and presided over by its Chairman Sanjay Bhoosreddy.
“The development of registered projects within the prescribed rules and deadlines through transparent processes is the priority of the authority,” said UP RERA.
Project expansion
The regulator said the projects will expand residential and commercial facilities in the state and accelerate construction activity.
“Proposed investment ₹2,380.04 trillion will boost construction activity,” she said, adding that construction material, transportation, engineering and other related sectors are also expected to benefit.
The authority said the projects are likely to create direct and indirect employment opportunities and boost economic activity at the local level.
She attributed the growth in real estate activity in part to investment-friendly government policies and streamlined procedures aimed at supporting housing, urban development and investment.
“Protecting the interests of home buyers and continuously strengthening their confidence in the real estate sector” are among the office’s priorities, the office said.
