Half of realty projects in Uttar Pradesh are from NCR, says RERA

NOIDA: Though developers are wading into non-NCR areas, nearly half of the planned residential and commercial units will be built in just three NCR districts of the state, according to UP-Rera, which attributes this focus to the region's proximity to Delhi.
In September this year, UP-Rera registered 36 projects — the regulatory authority’s highest monthly count till now — including 32 residential and four commercial constructions.
A total of 8,116 units are to be built. Around 47% (3,841) will come up in 12 projects of the three NCR districts of UP: Ghaziabad, Gautam Budh Nagar and Meerut.
The remaining 4,275 units will be built as part of 24 projects in 11 non-NCR towns, including Lucknow, Agra, Kanpur, Vrindavan, Gorakhpur and Muradabad.
UP-Rera said on Tuesday there were several reasons that the projects in NCR were popular in the real estate sector.
“Floor Area Ratio (FAR), higher demand for housing units because of preference of home buyers to settle in NCR due to better employment, business opportunities and bigger projects to meet this demand, projects spread over 10 to 20 acres and even more, apart from robust infrastructure growth across the categories are some of the reasons,” a statement said. Of the 36 projects, Ghaziabad-based Gaur Aero Mall had the most number of units, at 908, in NCR. After this, 746 units have been proposed in Medalleo housing society, by Mahagun Group, in Sector 107 of Noida.
After the implementation of RERA Act in 2016, more than 3,300 projects have been registered with the authority.
Manoj Gaur, president CREDAI-NCR and CMD of Gaur Group, said, “The primary reason for the demand for residential properties in the NCR is that it sees maximum migration here because of its proximity to the national capital. With lucrative options available, demand is good and hence the new projects are launched to meet the demand. If the economy continues this trajectory we will see more projects being registered in the NCR region in upcoming months.”