Uttar Pradesh Government Approves Realty Projects Worth ₹7,200 Crore.

Uttar Pradesh has given the green light to real estate projects totaling ₹7,200 crore aimed at enhancing the availability of residential and commercial spaces across the state. Nearly three dozen new projects have been approved, promising the construction of approximately 11,200 units.

According to sources, these projects will be concentrated in key cities such as Noida, Ghaziabad, Lucknow, Agra, Meerut, Prayagraj, Gorakhpur, Jhansi, and Moradabad. They are expected to cover around 593,000 square meters of land, meeting the increasing demand for both housing and commercial properties.

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA), tasked with ensuring planned and regulated growth in the sector, has issued registration certificates for these projects, paving the way for their development. To date, over 3,700 real estate projects have been registered with UP RERA, underscoring the state's commitment to transparency and buyer protection in real estate transactions.

Earlier concerns over real estate companies facing financial instability prompted Uttar Pradesh Chief Minister Yogi Adityanath to direct the drafting of a comprehensive plan to safeguard homebuyers' investments. The commercial real estate sector in Uttar Pradesh has shown resilience, growing by 10% to reach ₹3.29 trillion in FY24, up from ₹3 trillion in FY23.

These developments are seen as pivotal in Uttar Pradesh's pursuit of achieving a trillion-dollar economy by 2027, with the state's Gross State Domestic Product (GSDP) climbing from ₹22.84 trillion in FY23 to ₹25.48 trillion in FY24, reflecting an impressive growth rate of approximately 11.56%.

"Through strategic initiatives across various sectors, Uttar Pradesh is steadfast in its endeavor to establish itself as a leading industrial hub," remarked a senior official, highlighting the robust growth across agriculture, forestry, fishing, mining, construction, and transport sectors during the period.

BS