Rs 19,000 cr investments: What’s fueling Noida and Ghaziabad’s dominance as UP’s homebuilding hubs

Homebuyers in Uttar Pradesh continue to see the biggest real estate activity in the NCR, with Noida and Ghaziabad together attracting 61% of the state’s total investment in the first half of the year, according to UP-Rera’s half-yearly report.The report said 143 projects worth Rs 31,952 crore were approved across the state during the period. Of these, 27 projects were in Noida and 19 in Ghaziabad, a UP-Rera official said.Together, the two districts drew investments of nearly Rs 19,000 crore — Rs 15,678 crore in Noida and Rs 3,989 crore in Ghaziabad. They will also add around 22,660 housing units, making up 49% of all homes approved in Uttar Pradesh. Noida will add 13,160 units, while Ghaziabad will add 9,500.Noida, Ghaziabad stay ahead despite fewer projectsLucknow recorded the highest number of registered projects at 37. It attracted investments of Rs 3,834 crore and accounted for 9,872 housing units, according to the report.Even so, a UP-Rera official said Noida and Ghaziabad remained the state’s biggest real estate markets in terms of projects, investment and housing supply.“In terms of number of projects, investment and total number of units, GB Nagar and Ghaziabad are way ahead of other real estate hubs in the state, which is an indication of sorts that the two districts continue their dominance in the state,” the official said.The official said the two districts continue to attract buyers from across the country because of their location.“GB Nagar and Ghaziabad, by dint of their proximity to Delhi, cater to pan-India homebuyers, which explains more investments despite fewer projects as compared to Lucknow,” the official added.Better connectivity boosts real estateAshish Kumar, a real estate watcher, said major infrastructure projects have helped drive demand in Gautam Buddha Nagar and Ghaziabad.“Expressways, metro rail projects, industrial corridors, smart city programmes and urban rejuvenation schemes have significantly improved connectivity and liveability, making both major cities and emerging urban centres attractive for real estate investment,” he said.UP-Rera chairperson Sanjay Bhoosreddy said the report reflects growing confidence among homebuyers and investors, not just in the NCR but across Uttar Pradesh.“This is also a result of development-oriented policies of the state govt and UP-Rera, which have made the entire ecosystem transparent while at the same time have brought accountability and timely delivery in the real estate sector in the state,” he said.