UP Real Estate Boom: Rs 50,000 Cr Investment, Job Creation

Noida/Lucknow, Feb 29 (PTI) Uttar Pradesh is set to witness a boom in the real estate sector with the launch of projects worth over Rs 50,000 crore which will also see creation of a significant number of jobs for the youth in the state, the government said on Thursday.

These real estate projects were launched during the recently-concluded ground-breaking ceremony in Lucknow and include key works in Noida and Ayodhya, the state government said in a statement.

"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," it said.

"Moreover, the House of Abhinandan Lodha has initiated a luxury residential and commercial real estate project in Ayodhya, with an investment of Rs 3,000 crore, which is expected to create over 1,000 job opportunities," it said.

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

"These real estate projects will open the floodgates of employment opportunities to the youth of Uttar Pradesh," the government said.

Besides real estate, the government is also optimistic about the logistics sector offering plenty of job opportunities to the youth of Uttar Pradesh, noting that several prominent companies have implemented projects in the state through GBC 4.0.

"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," according to the statement.

In view of the increasing industrial investment in Uttar Pradesh, the government has approved the Warehousing and Logistics Policy to increase the storage capacity of the state, it said.

"This policy not only provides fast-track land allocation for logistics parks, but also encourages development of logistics zones," it added.