Uttar Pradesh’s actual property sector skilled important development in 2024, with the Uttar Pradesh Actual Property Regulatory Authority (UP RERA) registering 259 new initiatives throughout the state. Among the many main developments, Lucknow and Gautam Buddha Nagar have emerged as prime locations for actual property builders, with a mixed funding of roughly ₹45,000 crore.
Ghaziabad ranks third after Gautam Buddha Nagar and Lucknow, registering substantial challenge exercise (Sourced)
In Lucknow, 61 initiatives had been launched, whereas 51 initiatives had been initiated in Gautam Buddha Nagar. Nonetheless, Gautam Buddha Nagar outpaces the state capital by way of challenge scale, with extra models, a bigger space underneath improvement, and better general funding. In keeping with UP RERA, the district boasts initiatives that collectively characteristic 1,09,075 models and canopy 13,55,000 sq metres of land, drawing an funding of ₹20,929 crore.
In distinction, Lucknow’s registered initiatives comprise 53,655 models and span 9,29,200 sq metres, contributing an funding of ₹6,150 crore.
Sanjay Bhoosreddy, chairman of UP RERA, attributed Gautam Buddha Nagar’s greater numbers to a surge in demand for high-rise buildings and properties among the many center and upper-middle courses. “The larger number of units, expansive areas, and increased investment reflect the growing preference for high-rise developments, particularly in Gautam Buddha Nagar,” Bhoosreddy mentioned.
Ghaziabad ranks third after Gautam Buddha Nagar and Lucknow, registering substantial challenge exercise, with a notable enhance within the variety of models and improvement space.
“The UP RERA has issued registration certificates to all these projects,” Bhoosreddy added, additional noting that the demand for studios in smaller and mid-range worth brackets has risen resulting from improved services, together with higher schooling, healthcare, employment alternatives, and infrastructure.
He additionally talked about that areas like Gautam Buddha Nagar and Ghaziabad noticed a surge in demand for high-end properties, pushed by traders from Delhi and NCR.