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Real Estate Primed for Long-Term Growth: UP RERA
The first six months this year have set real estate on an upswing as per the latest Uttar Pradesh Real Estate Regulatory Authority (UP RERA) report. The report mentions a significant rise in new registration applications over the same period last year.
While it received only about 100 applications last year's first half, this year the number of applications has already surpassed 125 and is expected to rise further.
Preliminary trends indicate surging non-NCR demand with as many as 66% of the applications from regions outside of NCR, while 34% from within NCR. These trends take into account applications tendered across housing, commercial and mixed land use categories.
The lion’s share—about 75%-- of new applications is attributed to the residential category while the remaining 25% is a mix of the rest. Overall, a hike in bookings reflects a positive real estate sentiment in Uttar Pradesh.
Here is an NCR against non-NCR breakdown listing cities & regions from where most registrations have happened:
NCR | Non-NCR (Districts) | Non-NCR (Towns/Cities) |
Gautam Budh Nagar | Lucknow | Amroha |
Ghaziabad | Kanpur | Shahjahanpur |
Meerut | Varanasi | Gonda |
Gurugram | Bareilly | Bahraich |
Agra | Sultanpur | |
Prayagraj | Firozabad | |
Mathura | Lalitpur |
The spike in registrations also points toward growing confidence buyers are putting into the RERA system that facilitates transparency to buyers as well as holds promotors accountable. The entire process is aimed at giving structure to transactions in a way that makes them more transparent, accountable, and seamless.
The report is a shot in the arm for realty stakeholders with many noted developers already expressing optimism at these findings. This was reaffirmed at a recent Confederation of Real Estate Developers’ Associations of India (CREDAI) felicitation where its acting president expressed solidarity with the positive sentiments, stating that real estate is well and truly into post-COVID recovery.
