Uttar Pradesh approves Rs.7,200 crore Funding for Residential & Commercial projects

Uttar Pradesh approves the real-estate projects which are worth Rs. 7,200 crore to raise the supply of the residential and commercial spaces in the state. Almost three dozen new projects has been approves which covers the construction of around 11,200 units.

The realty projects will come up in major cities like, Jhansi and Moradabad. Noida, Ghaziabad, Lucknow, Agra, Meerut, Prayagraj, Gorakhpur.

“The newly launched projects would pertain to the development of about 593,000 square meter of land to cater the growing demand for commercial and housing spaces,” source said.

Meanwhile, UP Real Estate Regulatory Authority (RERA), this has instructed to facilitate the planned and regulated development in the very sector issued registration certificates to these projects by opening the decks for the development. Till now, more than 3,700 real estate projects have collectively been registered with the UP RERA.

Previously, the state government expressed his concern over the ongoing of real estate companies that are going bankrupt.

In solving situation, the honorable chief Minister Mr Yogi Adityanath in a review meeting has ordered to draft a composite plan to secure home buyer’s money. The commercial real estate sector in the state of Uttar Pradesh has jumped 10% to Rs. 3.29 trillion in FY 24 as compared to Rs. 3 trillion in FY 23.

This will help the state to achieve the target of a trillion –dollar economy by 2027, as predicted by the state government.

UP's Gross State Domestic Product (USDP) rose from Rs 22.84 trillion in FY23 to reach Rs 25.48 trillion in FY24, growing approximately 11.56 per cent during the period.

India’s commercial reality market remains resilient attracting fresh investments while the global and geopolitical challenge tends the downfall in the commercial real estate worldwide.

As per one official “These achievements, made possible owing to strategic steps across sectors, underscoring UP’s commitment to establish the state as a leading industrial region.”

Agriculture, forestry and fishing segments have also expanded from Rs 5.29 trillion in FY23 to Rs 5.97 trillion in FY24.

The sectors of mining and excavation streaming from Rs 22,000 crore to 30,000 crore .The construction domain has increasing rapidly from Rs. 2.63 trillion to Rs.2.79 trillion, while transport, communication and storage rose from Rs. 1.81 trillion to Rs.1.98 trillion during the same period.