UP RERA warns against rumours of property shortage, highlights ample housing supply across state
UP RERA says over 1.15 lakh residential and commercial units are available across Uttar Pradesh, urging buyers to rely on verified data and avoid making investment decisions based on rumours of inventory shortages or imminent price hikes.
Homebuyers are cautioned against making rushed decisions based on false promises, perceived scarcity or unrealistic urgency. (AI Image)
The Uttar Pradesh Real Estate Regulatory Authority has advised homebuyers and investors to make real estate investment decisions only after considering complete information, conducting due diligence, and assessing their financial capacity. The Authority has Stated that property purchase decisions should not be made under the influence of advertisements, rumours, or any kind of pressure.
According to UPRERA, more than 1.15 lakh residential and commercial units are currently available in the real estate market across the State. Of this residential inventory, flats, villas, plots, shops, office spaces and commercial units are available for sale. Buyers can comfortably find properties as per their requirements from this available stock.
Maximum Inventory Present in Western Zone
Data reveals that out of the total inventory present in the State, around 55 percent inventory or over 60,000 units are present in the Western Zone. As is obvious from the current scenario, Western Zone has the maximum real estate activity as far as number of units available across categories of projects is concerned.
Availability of Balanced Options in Central and Eastern Zones
Central Zone has contributed towards around 35 percent share in the total available inventory with more than 40,000 units presently available. Eastern Zone follows with over 15,000 units available. Therefore, it can be seen that there are sufficient number of residential and commercial units available in all the major zones of the State.
Beware of Claims Regarding ‘Stock Shortage’ or ‘Price Hikes’
The Authority Stated that, at times, certain promoters or agents attempt to convince prospective buyers that property prices are likely to increase sharply in the near future or that the available inventory in the market will soon be exhausted. Such claims are often used to create pressure on buyers to make immediate bookings. UPRERA has clarified that the currently available data does not support any indication of a shortage of inventory in the market.
Check all details on the RERA Website Before Investing
Buyers have been urged by UPRERA to check all relevant facts like RERA registration of the project, promoter history, sanctioned map layouts, QPR of construction progress and possession status etc. Buyers can check all such details on the RERA website and take informed and safe investment decisions.
Invest Sensibly
The Authority stated that buying a property is an investment decision that affects a person’s finances for the long term. Homebuyers are cautioned against making rushed decisions based on false promises, perceived scarcity or unrealistic urgency. Buyers have a wide variety of units to choose from and can take their time to evaluate different projects and opt for what best meets their requirements.
URPERA urged all homebuyers and investors to base their investment decisions only on facts and data. As there are sufficient units available for purchase in residential as well as commercial segments in the market, buyers should not fall prey to hard selling, false advertising or get swayed by the lure of quick profits and must exercise prudence and caution while selecting a property.
