Realty major DLF Limited has envisioned almost 1,000 acres of land under development in major towns of Uttar Pradesh in the next two to three years. This would be in addition to projects either underway or proposed in the National Capital Region of Noida and adjoining areas.
The company is bullish on Lucknow, Allahabad, Kanpur, Varanasi and some other tier-2 and 3 towns in the state.
Recently, DLF had launched its first residential project ‘Gardencity’ in Lucknow spread over 248 acres on Rae Bareli road. It has collaborated with Shapoorji Pallanji & Co Ltd as construction partners for the project estimated at Rs 450 crore.
“We have received overwhelming response for our Lucknow project,” according to DLF director (sales and marketing) Ananta Singh Raghuvansh. “Almost 85 per cent of it has already been sold out,” she told Business Standard. The company had offered to sell over 1,000 plots of sizes starting from 250 square yards in Gardencity.
Raghuvansh said the company was in talks with landowners at other places in UP, and things would start to take shape in the near future. “Acquiring land is a big challenge for real estate developers, especially in the aftermath of Noida land issue,” she added.
DLF vice president (operations) Rajeev Singh said the commercial market was “rather subdued” currently due to over-supply in both metro and non-metro centres. “We are waiting for the market to improve further. Once that happens, we will launch more projects in the region,” he added.
Commenting on the change of guard in UP, Raghuvanshi said the company hoped the process of industrialisation and economic development would gather pace under the state’s youngest-ever chief minister Akhilesh Yadav. “If the state invites the industry for suggestions regarding new policies, we would be most willing to come to the table,” she added.