Aiming to become a preferred investment destination, Uttar Pradesh is targetting to amass a massive land bank of more than 150,000 acres in the next three years.
This would entail fresh land acquisition of nearly 96,000 acres beyond the current land inventory of 54,000 acres.
The land bank is aimed at aiding UP to become a $trillion economy as envisioned by UP chief minister Yogi Adityanath.
The land bank will be facilitated by UP State Industrial Development Authority (UPSIDA), Noida, Greater Noida, Yamuna Expressway Industrial Development Authority (YEIDA), Gorakhpur Industrial Development Authority (GIDA) etc.
The state is looking to increase its land inventory to 82,000 acres by the end of the current financial year 2024-25.
Meanwhile, 21,751 acres have been acquired in the first six months (Apr-Sep) of the current fiscal. About 5,811 acres of fully developed land is now ready for allotment to investors.
According to a $trillion economy report, by the end of the 2024-25 financial year, a total potential supply of 82,000 acres of land is achievable. However, an additional 60,000 to 80,000 acres will be needed to meet the state’s ambitious goal of a $trillion economy.
The state is working on various policies to attract investors in different sectors including food processing, IT, manufacturing, energy, infrastructure, services etc.
Such initiatives include single window clearance, redress of grievances, subsidies to investors etc.