Mumbai, Oct. 8 -- The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has approved 11 real estate projects across five districts, involving an estimated investment of Rs. 20.86 bn and the development of 1,873 residential and commercial units. The approvals were granted at the authority's 215th meeting at its headquarters, chaired by UP RERA chairman Sanjay Bhoosreddy.
Gautam Buddh Nagar accounted for the largest share of the proposed investment. Two residential projects in the district involve an estimated investment of Rs. 18 bn and will together provide 1,398 residential units. Lucknow recorded the highest number of approved projects, with five approvals comprising two residential and three commercial developments. These projects involve an investment of around Rs. 1.7 bn and will create 198 units.
One residential project was approved in Barabanki, involving an estimated investment of Rs. 57.8 mn and the development of 53 residential units. Ghaziabad received approval for two residential projects, with combined investment estimated at Rs. 1.07 bn. The projects will provide 211 residential units. In Moradabad, one commercial project was approved with an estimated investment of Rs. 35.5 mn and 13 proposed units.
UP RERA said it was working to make the state's real estate sector more organised, transparent and accountable. Alongside granting approvals through the prescribed process, the authority is monitoring project development and compliance with the provisions of the Real Estate (Regulation and Development) Act. It also said its processes were intended to provide a clearer and more reliable framework for promoters and homebuyers.
The authority said the approved projects are expected to support activity in construction materials, transportation, engineering, labour and other associated sectors. Their development is also expected to create employment opportunities and increase economic activity at the local level. UP RERA attributed the expansion of housing and urban development activity partly to state policies promoting investment and efforts to simplify real estate-related processes.
Published by HT Digital Content Services with permission from Construction World.