Despite the high number of residential projects in non-NCR districts of Uttar Pradesh, three NCR districts — Ghaziabad, Gautam Buddh Nagar and Meerut — are dominating in terms of units, according to the UP Real Estate Regulatory Authority (RERA).
In a statement UP RERA said, in September, 36 projects have been registered with UP RERA — the highest ever.
“Out of the total 8,116 units in these projects, 3,841 units, or about 47 per cent, are to be constructed in 12 projects of three NCR districts – Ghaziabad, Gautam Buddh Nagar and Meerut.
“While 4,275 units will be built in 24 projects in 11 non-NCR districts, which is approximately 53 per cent of the total units,” the UP RERA said.
“Hence, it is clear that despite the registration ratio of new projects being 35:65 in NCR and non-NCR, the ratio of units is 47:53 which shows the dominance of NCR-based projects,” it noted.
Factors like Floor Area Ratio (FAR), better employment as well as business opportunities and preference of home buyers to settle in NCR have resulted in higher demand for housing units in the NCR region.
To meet this demand, realty players are investing in projects spread over 10 to 20 acres and even more, apart from robust infrastructure growth across categories.
Ghaziabad-based Gaur Aero Mall of Gaur Group has emerged as the project having the highest number of units, 908, in the NCR, according to the statement.
After Gaur Group, 746 units have been proposed in the Medalleo of Mahagun Group located in Gautam Buddh Nagar, it noted.
DLF Techpark of DLF Group is the project with the lowest units, 35, which is located in Gautam Buddh Nagar, it added.
Aradhana Enclave of Chandak Builders and Developers, which has only 10 units in the project, located in Kanpur among non-NCR districts, has also been registered with RERA, according to the statement.
“It is a coincidence that the project with the highest number of units — 1,152 — is also in Kanpur, a non-NCR district. This is a project of EWS (Economic Weaker Section) house to be constructed in Shatabdi Nagar, Kanpur under PMAY (Pradhan Mantri Awas Yojna),” the UP RERA said.
After the implementation of RERA Act 2016, it is mandatory to register a real estate project on UP-RERA website if the area of project is 500 square meters or 5,382 square feet and it has 8 or more units which comes within the purview of the notified planning area.
At present, more than 3,300 projects are registered with UP RERA, according to the statement.