Uttar Pradesh Approves Rs 7,200 Crore Real Estate Projects to Boost Housing and Commercial Spaces
While global economic and geopolitical challenges have led to a downturn in the commercial real estate market worldwide, India's market remains resilient. Uttar Pradesh has approved real estate projects worth Rs 7,200 crore to meet the growing demand for
Real EstateUttar PradeshReraHousingCommercial SpacesReal Estate NewsOct 10, 2024
According to a source, these realty projects will come up in major towns such as Noida, Ghaziabad, Lucknow, Agra, Meerut, Prayagraj, Gorakhpur, Jhansi, and Moradabad.
“The newly launched projects will develop about 593,000 square meters of land to cater to the growing demand for commercial and housing spaces,” the source said. The UP Real Estate Regulatory Authority (RERA), which is mandated to facilitate planned and regulated development of the sector, has issued registration certificates to these projects, clearing the way for their development. So far, more than 3,700 real estate projects have been registered with the UP RERA.
Earlier, the state government expressed concern over the trend of real estate companies going bankrupt. To address this issue, UP Chief Minister Yogi Adityanath, in a review meeting, ordered the drafting of a composite plan to secure home buyers’ money. The commercial real estate sector in Uttar Pradesh has grown by 10 percent to Rs 3.29 trillion in FY24, up from Rs 3 trillion in FY23.
This growth will help the state in achieving its target of a trillion-dollar economy by 2027, as envisaged by the state government. Uttar Pradesh's Gross State Domestic Product (GSDP) has risen from Rs 22.84 trillion in FY23 to Rs 25.48 trillion in FY24, a growth of approximately 11.56 percent during the period.
Despite global economic and geopolitical challenges causing a downturn in the commercial real estate market worldwide, India’s market remains resilient, attracting fresh investments and demand. These achievements, made possible through strategic steps across sectors, highlight UP’s commitment to establish itself as a leading industrial region.
For instance, the agriculture, forestry, and fishing segments have expanded from Rs 5.29 trillion in FY23 to Rs 5.97 trillion in FY24. The mining and excavation sector has surged from Rs 22,000 crore to Rs 30,000 crore. The construction domain has grown from Rs 2.63 trillion to Rs 2.79 trillion, and transport, storage, and communication have risen from Rs 1.81 trillion to Rs 1.98 trillion during the same period.
Frequently Asked Questions
What is the total value of the new real estate projects approved in Uttar Pradesh?
The total value of the new real estate projects approved in Uttar Pradesh is Rs 7,200 crore.
How many new projects have been approved?
Almost three dozen new projects have been approved.
Which towns will see the development of these projects?
These projects will come up in major towns such as Noida, Ghaziabad, Lucknow, Agra, Meerut, Prayagraj, Gorakhpur, Jhansi, and Moradabad.
What is the role of UP RERA in these projects?
The UP Real Estate Regulatory Authority (RERA) is mandated to facilitate planned and regulated development of the sector and has issued registration certificates to these projects.
What is the target GSDP for Uttar Pradesh by 2027?
Uttar Pradesh aims to achieve a GSDP of a trillion dollars by 2027.
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