Signalling a pick up in the Uttar Pradesh real estate sector, housing and commercial realty projects of about Rs 7,200 crore have been okayed across the state.
These three dozen new projects encompass around 11,200 residential and commercial units in
Noida, Ghaziabad, Lucknow, Agra, Meerut, Prayagaraj, Gorakhpur, Jhansi etc.
UP Real Estate Regulatory Authority (RERA) has already issued registration certificates to these projects.
Nearly 3,700 real estate projects have collectively been registered with the UP RERA so far.
The commercial real estate sector in UP jumped 10 percent to Rs 3.29 trillion, thus bolstering the prospects of the state’s $trillion economy target, as envisaged by the CM.
Against the estimated contribution of Rs 3 trillion by the commercial real estate in UP’s Gross State Domestic Product (GSDP) in the financial year 2022-23, the sector burgeoned to Rs 3.29 trillion in 2023-24.
While the global economic and geopolitical challenges stoked a downslide in the commercial real estate worldwide, India’s commercial realty market remains resilient, attracting fresh investments amid demand.
UP’s GSDP rose from Rs 22.84 trillion in 2022-23 to reach Rs 25.48 trillion in 2023-24, a growth of almost 11.56 percent during the period.
“These achievements, made possible owing to strategic steps across sectors, underscore UP’s commitment to establishing the state as a leading industrial region,” a senior official said.