The Uttar Pradesh Real Estate Regulatory Authority [UP RERA] has cleared seven new projects that involve investment of ₹416.94 crore. This paves the way for adding 1,024 residential and commercial units across five cities in the State. The nods were given at the authority's 192nd meeting held on January 1.
The projects are spread across Noida, Lucknow, Mathura, Bareilly, and Meerut, comprising various residential, commercial, and mixed-use developments. According to the officials, the given approvals are aligned with the objective of UP RERA for balanced and planned urban growth in regions.
Noida accounted for two of the approved projects, and they are commercial in nature. Taken together, the investments proposed in these projects amount to ₹ 181.36 crore, which on completion, will add 298 commercial units. The authorities said that the projects are likely to give a push to organized commercial activity in Noida while adding weight to the city's growing reputation as a business and investment destination.
The cases cleared in UP RERA in Mathura include residential projects with a cumulative investment of ₹154.92 crore. The project is expected to offer 565 units, catering to the need for proper urban development in the region.
Lucknow, which is the state’s capital, has been approved for one commercial project estimated at ₹27.65 crore. This project consists of 30 units and is slated to help develop the organized commercial infrastructure of Lucknow by contributing to economic and employment generation activities.
Bareilly received the sanctioning of one housing project with an investment of ₹24.56 crores. The project aims to raise the count of 106 new homes. It is also believed to give a boost to the development of homes within the city.
Meerut got the approval for one mixed development project that costs ₹28.45 crore. The project will consist of both residential and commercial spaces and will comprise a total of 25 units. According to the officials, the project aims at fostering well-rounded development of the urban area that the city of western Uttar Pradesh falls under.
Speaking on the occasion of the approvals, Sanjay Bhoosreddy, the Chairman of UP RERA, said that the approvals reflect the emphasis of the authority on the planned and transparent development of the real estate sector. He stated that the investment of almost ₹417 crore will improve the residential and commercial infrastructure as well as provide jobs to people in the state.
The UP RERA stated that these approved projects are likely to provide direct and indirect employment and will give a spin-off effect to other related sectors, which include materials, logistics, and services. The UP RERA again emphasized that regulation is one area that will help projects get completed on time and also safeguard interests of homebuyers.
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