In the fiscal year 2023-24 (FY24), Uttar Pradesh’s commercial real estate sector grew nearly 10% year-on-year, reaching Rs 3.29 trillion. This increase was driven by heightened demand for commercial spaces and ongoing urbanisation. The sector had previously contributed Rs 3 trillion to the state’s gross state domestic product (GSDP) in FY23.
A senior state government official attributed this growth to a resilient commercial real estate market in India, which has been successful in attracting new investments and meeting strong demand. The official also highlighted significant gains in agriculture, mining, construction, and real estate, with notable progress in transport, storage, and communication sectors.
UP Chief Secretary Manoj Kumar Singh recently chaired a meeting to review the progress of the $1 trillion road map outlined by the Chief Minister. The state’s GSDP rose from approximately Rs 22.84 trillion in FY23 to Rs 25.48 trillion in FY24, reflecting an 11.56% growth.
Growth was recorded across all three economic sectors: primary, secondary, and tertiary. The primary sector increased from Rs 5.51 trillion to Rs 6.27 trillion, the secondary sector expanded from Rs 5.58 trillion to Rs 6.17 trillion, and the tertiary sector grew from Rs 10 trillion to over Rs 10.79 trillion.
Specific sectors showed substantial growth: agriculture, forestry, and fishing rose from Rs 5.29 trillion to Rs 5.97 trillion; mining and excavation surged from Rs 22,000 crore to Rs 30,000 crore; construction increased from Rs 2.63 trillion to Rs 2.79 trillion; and transport, storage, and communication grew from Rs 1.81 trillion to Rs 1.98 trillion.