Lucknow: The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) said it has approved six new real estate projects involving a proposed investment of Rs 863.94 crore across five districts of the state.The approved projects, spread across Bareilly, Kanpur Nagar, Noida, Lucknow and Varanasi, will together develop around 1,470 residential and commercial units, UP RERA said in a statement.
According to the authority, Bareilly received approval for two projects, while Kanpur Nagar, Noida, Lucknow and Varanasi were each cleared for one project.The highest proposed investment is in Noida at Rs 444 crore, followed by Kanpur Nagar at Rs 173.64 crore, Lucknow at Rs 136.94 crore, Bareilly at Rs 60.42 crore for its two projects, and Varanasi at Rs 48.94 crore.
Most of the projects are residential, while those in Lucknow and Noida are commercial."The distribution of projects reflects balanced real estate growth across the state and growing investor interest in different regions," UP RERA said in a statement.The authority said that implementing these projects would strengthen the state's housing and commercial infrastructure while generating significant local employment and economic activity.
The construction activity is expected to create direct and indirect job opportunities for labourers and professionals, and boost allied sectors such as cement, steel, tiles, electrical goods, paints, furniture, transport and financial services.UP RERA attributed the growing investor confidence in the state's real estate sector to its transparent systems and timely project evaluation processes, which have also expanded real estate activity into smaller and medium cities.
"This investment of about Rs 864 crore will not only boost the construction industry but also contribute to the state's economy and employment generation. UP RERA is committed to ensuring that every project is completed in compliance with regulations and in the best interest of homebuyers," Bhoosreddy said.
The decision was taken at the 188th meeting of the authority, chaired by UP RERA Chairman Sanjay Bhoosreddy, on Tuesday, with senior officials and subject experts in attendance.
Disclaimer: This story is from the syndicated feed. Nothing has changed except the headline.
