Business News Desk – Delhi -ncr is one of the best real estate markets in the country. Since it was next to Delhi, Noida and Ghaziabad in Uttar Pradesh also benefited greatly. In all cases from office to retail space and residence, the property rate in both of these cities is no less than nowhere in Delhi. But the situation changed a bit after the Rera law was implemented. If we look at the data of Uttar Pradesh Real Estate Regulatory Authority (UP Rera), take the rage of buying a new home in other cities of UP instead of Noida Ghaziabad. The data of UP Rera shows that real estate developers now give preference to other cities of Uttar Pradesh instead of Ghaziabad and Noida. Now these businesses are starting more than 60 percent of their new real estate projects in cities such as Lucknow, Varanasi. According to the data, approximately 225 projects were registered in Uttar Pradesh Rera in 2022. From this, more than 150 projects came from cities such as Ghaziabad, Noida and Greater Noida to NCR. Cities where these projects have incurred include Lucknow, Varanasi, Gorakhpur, Bareilly, Agra, Mathura and Moradabad. The increasing number of projects in these cities reflect the rage to buy a new home here. The central government has issued a model Rera law, on land on which various states established Rera in their respective states. Uttar Pradesh Rera was founded in the year 2017. The purpose of establishing Rera is to regulate the rapidly growing real estate sector in the country and bring about transparency, protect the interests of the home buyers and resolve disputes between buyers and builders. Up Rera said in a statement that it has so far registered more than 3.340 real estate projects. This includes 225 applications in 2022. It received a total of 125 applications in the first half (January-June) of the year and 100 applications in the second half (July-December). According to the statement, approximately 72 of the registered projects were in NCR and were 153 projects in other districts. From this, a record 36 projects were recorded in September just before the festivals. One of the registered projects in Rera is new. Share this story
Noida, ghaziabad … now the rage to take a new home growing in these cities
