UP RERA logs 23 pc growth in registration of new real estate projects in 2022

Noida, Jan 16 (PTI) The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has witnessed a 23 per cent growth in registration of new projects in 2022 as compared to the preceding year, an official statement said on Monday.
     A total of 215 projects were registered across Uttar Pradesh in 2022, the UP RERA said.
     The UP RERA was established in 2017 to regulate the fast-growing real estate sector, bring transparency, protect the interest of homebuyers and ensure speedy resolutions of disputes of consumers and builders.
     "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 the statement.
     There was a jump of about 23 per cent in the registration of projects in 2022 as compared to 2021, it added.
     UP RERA secretary Rajesh Kumar Tyagi said about 90 new residential, commercial and mixed-land use real estate projects were registered in the second half of 2022 while in the first half, 125 new projects were registered.
     "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.

(This story has not been edited by THE WEEK and is auto-generated from PTI)