Riding on growing demand for commercial spaces stoked by rapid urbanisation, the commercial real estate sector in Uttar Pradesh has jumped 10 percent to Rs 3.29 trillion.
Against the estimated contribution of Rs 3 trillion by the segment in UP’s Gross State Domestic Product (GSDP) in 2022-23, the sector proliferated to Rs 3.29 trillion in the financial year 2023-24.
While the global economic and geopolitical impediments resulted in a downhill of the commercial real estate sector worldwide, including in the US and Europe, India’s commercial real estate market remains resilient.
In this regard, the Yogi Adityanath government in UP made progress across different sectors, including real estate, to transform UP into a $trillion economy.
The state’s efforts are paying off in sectors including manufacturing, energy, trade, repair, hospitality, financial services, public administration, education, health etc.
Especially, agriculture, mining, construction, transport and real estate have clocked high growth, with the most substantial gains observed in the transport, storage and communication segments.
UP’s GSDP rose from about 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.
Meanwhile, agriculture, forestry and fishing segments expanded from Rs 5.29 trillion in 2022-23 to Rs 5.97 trillion in 2023-24.
The mining and excavation sector surged from Rs 22,000 crore to Rs 30,000 crore. Similarly, the construction domain proliferated from Rs 2.63 trillion to Rs 2.79 trillion, while transport, storage and communication rose from Rs 1.81 trillion to Rs 1.98 trillion.
Moreover, the growth in the GSDP of UP has been recorded across all three economic tiers viz. primary, secondary and tertiary.
The primary sector grew from Rs 5.51 trillion in 2022-23 to Rs 6.27 trillion in 2023-24.
The secondary sector expanded from Rs 5.58 trillion to more than Rs 6.17 trillion, while the tertiary sector increased from Rs 10 trillion to over Rs 10.79 trillion.