UP RERA approves 13 realty projects worth Rs 2,380 cr; Barabanki tops list

Lucknow: The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) on Friday said it has approved 13 real estate projects involving an estimated investment of Rs 2,380.04 crore in six districts, with Barabanki accounting for the highest investment and Lucknow for the largest number of units.

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 Rs 751.42 crore. The projects will together have 591 residential units, it said.


Lucknow, meanwhile, leads in the number of units, with a single residential project involving an investment of Rs 385.76 crore and 1,392 units, it added.

Varanasi has received approval for three residential projects involving an estimated investment of Rs 750.24 crore and 1,189 units.

In Ghaziabad, three projects -- two commercial and one residential -- have been approved with an estimated investment of Rs 286.27 crore. They will have 864 units.

Gautam Buddh Nagar, which includes Noida, has received approval for one residential and one commercial project involving an estimated investment of about Rs 186 crore and 564 units.

Two residential projects in Agra, involving an estimated investment of Rs 20.35 crore, will have 124 units.

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.

The regulator said the projects would expand residential and commercial facilities in the state and accelerate construction activity.

"The proposed investment of Rs 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.