The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) said on Friday it approved 13 real estate projects involving an estimated investment of ₹2,380.04 crore in six districts.
While Barabanki accounted for the highest investment and Lucknow for the largest number of units, projects worth around ₹500 crore was approved in Noida and Ghaziabad, news agency PTI reported while citing an official statement.
Which district gets what?
The projects approved in Barabanki, Lucknow, Varanasi, Ghaziabad, Gautam Buddh Nagar and Agra will lead to the construction of 4,724 residential and commercial units, according to a statement issued by RERA.
Barabanki, adjoining Lucknow, topped the districts in terms of proposed investment, with two residential projects worth ₹751.42 crore. The projects will have a total of 591 residential units, the statement said, as per PTI.
Lucknow, meanwhile, leads in the number of units, with a single residential project involving an investment of ₹385.76 crore and 1,392 units, it added.
In Ghaziabad, three projects — two commercial and one residential — have been approved with an estimated investment of ₹286.27 crore. They will have 864 units.
Gautam Buddh Nagar, which includes Noida, received approval for one residential and one commercial project involving an estimated investment of about ₹186 crore and 564 units.
Varanasi received approval for three residential projects involving an estimated investment of ₹750.24 crore and 1,189 units.
Two residential projects in Agra, involving an estimated investment of ₹20.35 crore, will have 124 units.
According to the report, the approvals were granted during the 212th and 213th meetings held at the UP RERA headquarters and chaired by its chairman, Sanjay Bhoosreddy.
"The development of registered projects within the prescribed rules and timelines, through transparent processes, is a priority of the authority," UP RERA said.
Expansion of the project
The regulator said the projects would expand residential and commercial facilities in the state and accelerate construction activity.
"The proposed investment of ₹2,380.04 crore will increase activity in the construction sector," it said, adding that construction material, transportation, engineering and other related sectors were also expected to benefit.
The authority said the projects were likely to create direct and indirect employment opportunities and boost economic activity at the local level.
It attributed the growth in real estate activity partly to the state government's investment-friendly policies and simplified procedures aimed at promoting housing, urban development and investment.
"Protecting the interests of homebuyers and continuously strengthening their confidence in the real estate sector" was among the authority's priorities, it said.
