Virendra Singh Rawat / Lucknow
Uttar Pradesh has envisaged acquisition of about 43,000 acres of land and composite investment of Rs 7.3 trillion in the real estate sector by 2027.
Housing and realty are expected to enable the state to achieve its ambitious $trillion economy target.
The state government has estimated that 6.4 million new housing units would be required in the urban and sub-urban centres in the next five years under the ‘housing for all’ target.
The construction of 6.4 million units belonging to varied socioeconomic categories would require 75,000 acres. While the government has 32,000 acres, the remaining 43,000 acres would be acquired.
Last year, chief minister Yogi Adityanath said the contribution of real estate in the UP Gross State Domestic Product (GSDP) was 14.4 percent or Rs 34 billion in real terms.
He emphasised there is a need to focus on realty sector for providing opportunities for growth, development and employment.
Meanwhile, the private companies and the state housing bodies are estimated to contribute 65 percent and 35 percent of the projected Rs 7.3 trillion worth of fresh investment in realty.
At present, UP’s population is pegged at 230 million, of which about 23.7 percent or 54.5 million live in the urban areas.
By 2027, the UP population would swell to 245 million, of which 35 percent or 85.6 million would inhabit the urban areas, thereby surging the urban citizenry by 30 million in the next five years.
Currently, there are only 1.07 million housing units in the urban areas even as 6.4 million new houses would be required to ensure private owned living spaces to each of the families in the urban centres.
“This is the reason there will be a boom in real estate, which will play an important role in making the state a $trillion economy,” the CM noted.
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The state has divided UP into four parts to promote realty sector. It has clubbed Ghaziabad, Gautam Budh Nagar and Meerut districts in the western zone, which is expected to witness an increase in population due to a booming manufacturing sector.