Amid the coronavirus rise, there has been seen an indication of a rise in demand for real estate projects in Tier-2 cities. The data has been collated by UP-RERA and has shown that 80% of the applications have been registered for new projects from Lucknow-Barabanki, Kanpur, and Agra-Mathura regions than alone in NCR.
The registration data of projects in Uttar Pradesh RERA shows that 83 applications have been registered from the outside of NCR as compared to 33 applications from the districts of NCR in the last four months. This depicts that 80% of the applications registered for new projects are from outside of NCR. Although, the number of projects in the National Capital Region and Non-National Capital Region are almost equal.
During the first phase of COVID-19 in December 2019 and January, February, and March 2020, there were a total of 68 applications for registration of new projects by UP RERA. The real estate sector has gained momentum in the past years and has made homebuyers invest in new real estate projects in India. The growth seen in this sector is now even more than in pre-covid days. It has been also seen that the number of applications for registration of new projects in the past four months i.e. November 2021, December 2021, January 2022, and February 2022 has reached as high as 116. The upcoming trend in the real estate sector will witness major growth and development in infrastructure and the economy. The increasing interest of people in different configurations of homes is emerging and will ultimately improve the economy of the nation. The increase in facilities such as power backups, water supply, amenities, greenery, and various others has attracted many homebuyers to invest in residential apartments.
