If you are thinking of buying a house or shop in Uttar Pradesh, then there is good news for you. Uttar Pradesh Real Estate Regulatory Authority i.e. UP RERA has approved 11 new real estate projects in 5 districts of the state. A total investment of Rs 2,086.06 crore is estimated in these projects, under which 1,873 residential and commercial units will be constructed.
Actually, in the 215th meeting of UP RERA, the projects of Gautam Buddha Nagar, Lucknow, Ghaziabad, Barabanki and Moradabad have got the green signal. Under these projects, 1,873 residential and commercial units will be constructed. The biggest investment has been made in Noida while Lucknow has got the maximum number of projects.
This decision was taken in the 215th authority meeting of UP RERA. This meeting was held under the chairmanship of Authority Chairman Sanjay Bhoosreddy. After detailed review of the proposals of all the projects, they were approved in the meeting. The authority made it clear that the rules of RERA Act will be followed in the approved projects and monitoring will also be done to ensure that the work is completed within the stipulated time.
Biggest investment in Gautam Buddha Nagar
In terms of investment, Gautam Buddha Nagar i.e. Noida remained at the forefront. Here 2 residential projects have been approved, in which there will be an investment of about Rs 1,800.36 crore. A total of 1,398 residential units will be built under these projects. That means, about 86 percent of the total approved investment is coming in Noida alone.
Top 5 projects in Lucknow
Lucknow is on top in terms of number of projects. A total of 5 projects have been approved here, which include 2 residential and 3 commercial projects. An investment of about Rs 169.53 crore is proposed and a total of 198 units will be built.
A residential project has been approved in Barabanki. In this, 53 residential units will be built with an investment of about Rs 5.78 crore.
Two residential projects have been approved in Ghaziabad. There will be a total investment of Rs 106.84 crore in both and 211 residential units will be ready.
A commercial project has been approved in Moradabad. There will be an investment of about Rs 3.55 crore and 13 units will be built.
Construction sector will also benefit
According to UP RERA, the proposed investment of Rs 2,086.06 crore in these projects will not be limited to real estate only. It will also impact related sectors like construction material, transport, engineering and labour. The authority says that this will increase economic activities at the local level and new employment opportunities will also be created.
Focus will be on the interests of home buyers
UP RERA said that after registration of the projects, it is an important responsibility of the authority to monitor them and ensure that the rules are followed. The objective of the authority is to create such a system in which promoters get a clean process and the interests of home buyers are also completely protected.
What did the RERA Chairman say?
According to UP RERA Chairman Sanjay Bhoosreddy, the authority is continuously working to make real estate development in the state systematic, transparent and accountable. He said that along with giving timely approval to the projects as per the prescribed procedure, their development is also being monitored. Bhoosreddy said that it is the priority of the authority to maintain a reliable system for both promoters and home buyers.
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Source: www.aajtak.in
