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Non-NCR cities of Uttar Pradesh pipped Noida, Greater Noida, and Ghaziabad to attract over 60 per cent of the new realty projects in the last five years, according to registration data of UP Real Estate Regulatory Authority (RERA).
In 2022 alone, the UP RERA registered around 225 projects of which more than 150 were in non-NCR cities of the state like Lucknow, Varanasi, Gorakhpur, Bareilly, Agra, Mathura and Moradabad, the data showed.
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.
"So far, 3,340 plus real estate projects have been registered with RERA. In 2022, approximately 225 applications of new project registration have been received of which 125 in the first half and 100 in the second half of the year.
"Almost 72 projects were in the National Capital Region (NCR) and 153 projects were in the non-NCR districts. The ratio of project registration in NCR and non-NCR is 32:68," the UP RERA said in a statement.
Out of this, 36 projects have been registered in September, just before festival season, which is the highest number of project registration in a month to date and a record in itself, it added.
The regulator noted that there are 2,057 ongoing projects and 1,290 new projects registered in RERA.
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Out of 2,057 ongoing projects, 1,070 projects (52 per cent) were in eight districts of NCR -- mainly in Gautam Buddh Nagar (Noida and Greater Noida), Ghaziabad, Meerut and Hapur.
Out of 987 (48 per cent) ongoing projects in 67 non-NCR districts, 399 projects (19.4 per cent) are in Lucknow, it added.
New projects denote the projects that were registered after May 1, 2017. Out of 1,290 new projects, 480 projects (37 per cent) are in NCR and 810 projects (63 per cent) are in non-NCR areas.
"Whereas the share of NCR in ongoing projects is 53 per cent, in new projects it is 37 per cent only," the UP RERA said.
UP RERA chairman Rajive Kumar said a lot of new registrations are coming up in non-NCR areas and almost 20 per cent of them are in Lucknow, while there is a fair proportion in Varanasi, Gorakhpur, Jhansi, Bareilly, Moradabad, Agra, Mathura and Vrindavan.
"When we started, the split of projects between NCR and non-NCR areas was about 50-50. Now, under the new project category, I think it is 70-30. More projects have come up in the non-NCR region," Kumar said.
Out of 2,057 registered ongoing projects, 1,354 projects (66 per cent) projects have been completed, according to UP RERA figures.
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