About 215 new projects were registered with Uttar Pradesh Real Estate Regulatory Authority (UPRERA) in 2022, the highest since the coronavirus outbreak in 2020, a sign of revival of the sector that was hit hard by COVID.
Ninety new residential, commercial and mixed land-use projects were registered in the second half and 125 in the first half, UPRERA said on January 16.
While 161 projects were registered in 2020, the number was 174 in 2021, as Covid swept through the country, bringing life and business activities to halt for months on end. In 2018, 258 projects were registered and in 2019, 216 projects were registered.
At present, more than 3,345 projects are registered with UPRERA.
About 68 percent of the projects registered in 2022 were in non-National Capital Region districts and 32 percent in NCR districts but in the year 2018, the ratio of projects in non-NCR and NCR districts was 54:46, it said in a statement. The National Capital Region includes Delhi and neighbouring towns in the states of Haryana, Uttar Pradesh and Rajasthan.
In 2020, due to the Covid-19 epidemic, there was a decrease in the new projects and only 161 projects could be registered. Almost 60 percent of the new projects were in the NCR region.
In 2021, the health of the real estate sector improved and 174 projects were registered. In that year, there was a jump of 64 percent in the registrations of the NCR region. There was no significant change in registration in non-NCR districts.
In 2022, the number of new projects registered increased from 10 to 30 percent across categories in NCR and non-NCR districts.
In non-NCR districts, new projects have been registered in Lucknow, Agra, Varanasi, Kanpur Nagar, Prayagraj, Mathura, Bareilly, Jhansi, Barabanki and Gorakhpur. In NCR districts, new projects have been registered in Gautam Budh Nagar, Ghaziabad, Meerut and Hapur.