Homebuyers in Panic: Will Threat of UP Property Price Hike Become Real?
- 1 day ago
- 2 min read
By Pranjal Gupta
Homebuyers in Uttar Pradesh are facing a high pressure tactics from builders threatening sharp price hikes. Putting an end to these rumours, the Uttar Pradesh Real Estate Regulatory Authority (UP RERA) stepped in on Tuesday, declaring that there is no supply crunch. In fact, the real estate regulator, stated that there more than 1.15 lakh housing and commercial units are available at the moment for sale across the state. It urged prospective buyers to not rush into making decisions based on claims made by developers and brokers to earn profits quickly.
According to the UP RERA, the inventory currently stores flats, villas, plots, shops, offices, and other commercial spaces. The potential homebuyers can choose options according to their requirements and budgets.
"These figures show that adequate availability of residential and commercial properties exists across major regions of the state," UP RERA said.
Where Did the Rumour Come From?
UP RERA stated that some promoters and agents falsely claimed that UP property price hike would happen, or that available units would sell out quickly — prompting buyers to make panic-driven decisions, the regulator said.
"Such claims are often used to create pressure on buyers to make immediate bookings," it said, adding that "the current market data does not indicate any shortage of inventory".
UP RERA Inventory
Giving the break-up of the total properties available for sale, UP RERA said the western zone accounts for the largest share of the available stock, with over 60,000 units, constituting nearly 55 per cent of the total inventory. The region continues to remain a major centre of real estate activity with projects across various categories offering units for sale.
The authority said the central zone has over 40,000 units available, accounting for around 35 per cent of the total stock, while more than 15,000 units are available in the eastern zone.
It advised prospective buyers to verify important details such as project registration, promoter record, approved maps, project status and possession timelines before investing.
"All necessary information is available on the RERA portal, which buyers can study before taking a safer decision," the authority said.
It added that investment in real estate is a long-term financial decision and buyers should avoid being influenced by misleading advertisements, artificial scarcity or pressure tactics.
The regulator urged homebuyers and investors to rely on facts and available data while selecting properties and take decisions after due caution.
(With Inputs from news agency PTI)
