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UP real estate boost: RERA approves 13 projects worth Rs 2,380 crore |


UP real estate boost: RERA approves 13 projects worth Rs 2,380 crore

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has approved 13 real estate projects that involves an estimated investment of Rs 2,380.04 crores in six different districts with Lucknow having the most units, and Barabanki having the most investment.According to the released statement by RERA, it is clearly stated that the projects apporved in these cities – Baranbanki Lucknow, Varanasi, Agra, Ghaziabad, and Gautam Budh Nagar are expected to result in the development of 4,724 residential and commercial units.With two residential projects worth Rs 751.42 crore, Barabanki, which is connected with Lucknow, topped the districts in the projected investment. It said that a total of 591 residential units will be included in the developments.Lucknow, on the other hand, has various units, with a single residential project that involves the investment of Rs 385.76 crore and an expenditure of Rs 1,392 units.For Varanasi, three residential projects comprising 1,189 units with an estimated investment of Rs 750.24 crore have been authorized.Three projects with an estimated amount of Rs 286.27 crore have been authorized in Ghaziabad, two of which are commercial and one is residential. There will be total 864 units.One residential and one commercial projects with 564 units and expected amount of Rs 186 crore has been approved in Gautam Budh Nagar that includes Noida.The estimated amount of Rs 20.35 crore that will have 124 units has been approved for the two residential projects in Agra.Sanjay Bhoosreddy, the chairman of UP RERA, announced these approvals during the 212th and 213th meetings that was shceduled to be held at the UP RERA headquarters.According to the chairman of UP RERA,the top priority is the development of registered projects within the specified guidelines and timeframe.The projects would speed up the residential and commercial facilities in these states and they will see a great boost in construction activity as a result of the proposed investment of Rs 2380 crore. Construction material, transportation, engineering and other related sectors were also expected to get the benefit from that, he added.There projects were about to create direct and indirect employment opportunities and to boost the economic activity at the local level, said by the authority.The authority said that the state government’s investor friendly policies and streamlined processes that support housing, urban development and investment contributed to growth in the real estate sector.The main responsibility was to protect the interest of homebuyers and continuously strengthening their confidence in the real estate sector, he added.



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