Uttar Pradesh Real Estate Regulator Approves 17 Projects Worth ₹4.844 Billion in Eight Cities

Signs of recovery are being observed in the country's key real estate market. Between July and September 2026, over one hundred thousand residential units were sold in seven major cities. At the same time, the number of new projects and the overall supply in the market increased during this period. This situation presents a challenge for the market in maintaining a balance between supply and demand. For potential buyers, this means having more choice, but constantly rising prices put pressure on budgets.

According to the 'ANAROCK' report on the housing market in the third quarter of 2026, approximately 100,200 apartments were sold in the seven main cities. This figure exceeds the sales volume of the previous quarter by 10% and is 3% higher than in the same period last year. The total value of all sold homes amounted to approximately 1.55 lakh crore rupees.

Return of Buyers Stimulates Sales

The report indicates that many buyers who had postponed their purchase decision in the previous quarter returned to the market in the third quarter, giving an impetus to sales in the seven key cities. Nevertheless, the sales growth of only 3% year-on-year suggests that the market is in a stage of improvement, but calling it a significant boom is premature.

Increase in Affordable Housing Supply

In the third quarter, developers also increased the pace of launching new projects: about 114,300 new homes were released onto the market, which is 18% more than in the same quarter last year. Changes also occurred in the price structure of new homes. The share of housing priced under 40 lakh rupees increased to 14%, while the share of homes priced above 2.5 crore rupees decreased from 22% to 14%. This suggests that developers have begun to consider the needs of buyers with smaller budgets, in addition to the premium segment. However, the real benefit for ordinary buyers will depend on the actual availability and location of these homes.

Rising Housing Prices Amid Increased Supply

Despite the increase in new housing supply, property prices are not showing a decline. According to ANAROCK, the average price of a home in the seven major cities reached 9,714 rupees per square foot. This represents a 7% increase compared to last year and a 1% increase compared to the previous quarter. Thus, buyers are presented with more options, but the cost of acquiring housing is increasing. Therefore, buyers should make decisions based not only on advertised prices but also by including costs for registration, taxes, finishing, and mortgage interest in their budget.

Growth in Unsold Real Estate Inventory, Greatest Pressure in Hyderabad

According to the report, the total number of homes available for sale in the seven cities increased by 12% year-on-year, reaching approximately 630,600 units. Meanwhile, the overall surplus inventory (inventory overhang) remains at about 19 months. This means that if current sales rates are maintained, selling the existing stock may take about 19 months. Hyderabad stands out among the others: the inventory overhang there is 28 months, implying that at the current sales speed, housing may sell for about 28 months. This situation requires more attention to sales rates compared to the rate of new housing input. Although a large inventory does not guarantee a drop in prices across all projects, in such markets, buyers may have the opportunity to negotiate better terms with developers by comparing the prices and features of different projects.

The registration of new projects continues in the real estate sector of Uttar Pradesh. According to UP RERA data, 217 real estate projects were registered in the state by September 2026. These projects involve the construction of a total of 66,158 residential and other units, with a total value of 46,795 crore rupees.

Regional analysis shows that Western Uttar Pradesh leads in the number of projects. Lucknow has the highest number of registered projects among the districts.

According to UP RERA statistics, Western Uttar Pradesh has registered the highest number—111 projects—by September 2026. These projects are set to create 41,666 housing units, with a cumulative value reaching 35,794.56 crore rupees. Central Uttar Pradesh has registered 60 projects with a plan to build 16,117 units, valued at a total of 5,997.05 crore rupees.

Eastern Uttar Pradesh has registered 30 projects, which include 5,636 planned units with a total value of 3,869.34 crore rupees. Additionally, Rohilkhand has registered 12 projects with 1,764 planned units and a value of 941.73 crore rupees. Bundelkhand has accounted for 4 projects, planning the construction of 975 units for a total amount of 192.32 crore rupees.

By district data, Lucknow ranks first with 59 projects. These projects plan for 15,959 units, with a total value of 5,795.33 crore rupees. However, Ghumtabad Nagar, despite having fewer projects (37), leads in the number of proposed units and total project value, which reaches 21,221.37 crore rupees, surpassing Lucknow's figures.

Ghaziabad has registered 35 projects, providing for 13,666 units with a total value of 11,261.87 crore rupees. Thus, Ghumtabad Nagar and Ghaziabad are major real estate hubs in Western Uttar Pradesh. New projects have also been registered in Agra, Varanasi, and Mathura. Agra and Varanasi each have 12 registered projects: Agra plans for 3,691 units worth 1,054.58 crore rupees, while Varanasi plans for 2,176 units worth 1,772.89 crore rupees. Mathura has 11 projects accounting for 2,126 units and a value of 829.85 crore rupees. Furthermore, Muradabad has registered 8 projects, and Barabanki has 7. Other districts include 6 projects in Priyadarsh, 4 in Hapud, and three projects each in Merat, Bareli, and Gorakhpur.

The total value of projects in Ghumtabad Nagar is 21,221.37 crore rupees, which constitutes a significant portion of the total value of all registered projects in Uttar Pradesh. It should be noted that this amount represents the declared total value of the projects, not the actual revenue or investment.

The Chairman of UP RERA, Sanjay Bhusreddi, noted that the 217 registered projects, 66,158 proposed units, and total value of 46,795 crore rupees indicate the current activity in the state's real estate sector as of September 2026. He emphasized that the high proportion of projects and investments in Western Uttar Pradesh, along with the registration of projects in cities like Lucknow, demonstrates development potential across various parts of the state. The body's goal is to ensure transparency, accountability, and compliance with regulations in the real estate sector to protect the interests of homebuyers.