UP RERA approves 10 realty projects worth Rs 1,412 cr across 5 districts
Projects across Ghaziabad, Gautam Buddha Nagar, Lucknow, Gorakhpur and Moradabad will attract Rs 1,412.55 crore in investment, create 1,632 residential and commercial units, and generate employment.
Ghaziabad ranked first in terms of investment. Two projects with an estimated investment of ₹957.20 crore have been approved in the district. (AI Image)
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has approved 10 new real estate projects in five districts of the state. These projects involve a total estimated investment of ₹1,412.55 crore. A total of 1,632 residential and commercial units will be built under these projects. This will support planned urban development in the state and boost activity in the real estate sector.
The projects were approved during the 207th Authority Meeting held at the UP RERA headquarters. The meeting was chaired by UP RERA Chairman Sanjay Bhoosreddy. After detailed discussions on the projects, the Authority granted approval. UP RERA also repeated that all projects will be developed in a transparent and timely manner according to the provisions of the RERA Act, helping to strengthen the confidence of homebuyers.
The approved projects include residential, commercial, and mixed-use developments. These projects will provide better housing and modern commercial facilities in different cities across the state.
Projects Approved in Five Districts
Ghaziabad ranked first in terms of investment. Two projects with an estimated investment of ₹957.20 crore have been approved in the district. These include one residential project and one commercial project. Together, they will develop 625 residential and commercial units.
Gautam Buddha Nagar ranked first in terms of the number of units to be developed. Three commercial projects have been approved in the district. These projects involve an estimated investment of ₹281.64 crore and will create 680 commercial units.
Three projects have been sanctioned in Lucknow out of which two residential and one commercial. These projects entail investment worth ₹26.57 crore and will create 215 units across residential and commercial segment.
In Gorakhpur, one mixed-use project with an estimated investment of ₹144.09 crore has been approved. This project will include the construction of 69 units.
Similarly, in Moradabad, one residential project with an estimated investment of ₹3.05 crore has been approved. Under this project, 43 residential units will be constructed.
Boost to Economic Activity and Employment
The estimated investment of ₹1,412.55 crore in these projects will speed up construction work. It will also create new direct and indirect employment opportunities. Demand for construction materials, transportation, engineering services, and other related sectors is also expected to increase, strengthening the state’s economy.
Focus on Transparent and Responsible Development
UP RERA is relentlessly monitoring all the projects registered with it for timely completion as per laid down norms. Doing justice to homebuyers by way of regular surveillance of projects and a transparent redressal mechanism while fostering faith in real estate sector is the sole objective of the Authority.
Talking about the sanctioning of these projects, UP RERA Chairman Sanjay Bhoosreddy stated that the Authority is relentlessly working towards bringing transparency, accountability and time-bound construction activities in the real estate sector. “Fast approvals of projects coupled with effective monitoring mechanisms are helping in creating a healthier ecosystem for both buyers and developers. We at UP RERA are committed to making sure strict adherence to RERA Act rules is followed while delivering justice to consumers and encouraging judicious real estate development in the state,” added Bhoosreddy.
