UP set to witness boom in real estate sector

| | Lucknow
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UP set to witness boom in real estate sector

Friday, 01 March 2024 | PNS | Lucknow

Uttar Pradesh is set to witness a boom in the real estate sector with the launch of projects worth over Rs 50,000 crore during the recently held fourth edition of groundbreaking ceremony (GBC@IV) and it will also see creation of a significant number of jobs for the youth in the state.

Many prominent real estate firms, including from within India and abroad, have initiated their projects in Uttar Pradesh. It includes M3M India Private Limited, which is investing Rs 7,500 crore to develop residential, commercial, official, retail and service apartments. The project will provide more than 14,000 job opportunities for the youth of the state.

Moreover, Abhinandan Lodha House has initiated a luxury residential and commercial real estate project in Ayodhya with an investment of Rs 3,000 crore and it is expected to create over 100 job opportunities.

The other major investors in the real estate sector include Prateek Retailers India Pvt Ltd, Wonder Cement Ltd, Shipra Estate Ltd, Omex Ltd, Eureka Builders Pvt Ltd, Rishita Developers Pvt Ltd, Gallant Lifespace Developers Pvt Ltd, ANS Developers Pvt Ltd, SG Estate Pvt Ltd, ORO Infra Developers LLP, Guy Laroche, Sanfran Developers Pvt Ltd, Jainco Developers Pvt Ltd, Apex Group, BBD Group Viraj Constructions Pvt Ltd, Gajadhar Technosys LLP, Amaravati Homes Pvt Ltd, Nilansh Builders Pvt Ltd, and Sapphires Infraventures LLP.

The above mentioned real estate projects will open the floodgates of employment opportunities to the youth of Uttar Pradesh.

Meanwhile, besides real estate, the logistics sector will also offer a plethora of employment opportunities to the youth of Uttar Pradesh with several prominent companies of the sector having implemented projects in the state through GBC@IV. The biggest investment of more than Rs 1,250 crore has come from the Sharaf Group, which is establishing a logistics park in the Moradabad district. The project will generate more than 1,250 employment opportunities in the state.

It is noteworthy that in view of the increasing industrial investment in Uttar Pradesh, the Yogi Adityanath government has approved the Warehousing and Logistics Policy to increase the storage capacity of the state. This policy not only provides fast-track land allocation for logistics parks, but also encourages development of logistics zones.

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