The Uttar Pradesh state government has granted clearances to real estate projects worth Rs 7,200 crore to enhance the availability of residential and commercial spaces in the state. This clearance covers nearly three dozen new ventures aimed at constructing around 11,200 units.
According to sources, the projects will be set up in the main urban centers, such as Noida, Ghaziabad, Lucknow, Agra, Meerut, Prayagraj, Gorakhpur, Jhansi, and Moradabad. “The newly launched projects will involve developing around 593,000 square meters of land to meet the growing demand for both commercial as well as housing spaces,” added the source.
In concurrence with this, the Uttar Pradesh Real Estate Regulatory Authority has issued registration certificates to these projects in an attempt to regulate the growth in the sector in a planned and regulated manner. Till now, more than 3,700 real estate projects have been registered cumulatively with UP RERA.
The state government had already raised cause for concern, as more real estate companies filed for bankruptcy. In this regard, Chief Minister Yogi Adityanath issued directives at a review meeting to evolve a comprehensive plan to safeguard the investment of homebuyers.
The commercial real estate sector in Uttar Pradesh has grown by 10 percent, with the state’s commercial real estate rising from Rs 3 trillion in FY23 to Rs 3.29 trillion in FY24. This growth trajectory can be expected to support the state in achieving its ambitious goal of a trillion-dollar economy by 2027, as envisioned by the state government.
Uttar Pradesh’s GSDP grew significantly from FY23 to FY24, hitting the mark of Rs 25.48 trillion from Rs 22.84 trillion. This translates to an approximate growth of 11.56 percent for the period. India’s commercial property sector is remaining stubbornly resilient amidst global economic and geopolitical challenges that adversely affected commercial real estate markets around the world and new investments coming in at the back of high demand.
“These achievements are the result of strategic initiatives across various sectors, which demonstrate Uttar Pradesh’s commitment towards establishing itself as a leading industrial hub,” said a senior official.
The agriculture, forestry, and fishing sectors improved from Rs 5.29 trillion in FY23 to Rs 5.97 trillion in FY24. The mining and excavation industry improved from Rs 22,000 crore to Rs 30,000 crore, and the construction sector improved from Rs 2.63 trillion to Rs 2.79 trillion. Moreover, in the same timeline, the transport, storage, and communication sector was improved from Rs 1.81 trillion to Rs 1.98 trillion.
