 "realty sector, real estate, housing")
In a major push for planned urban development in Uttar Pradesh, housing infrastructure projects worth more than Rs 7,000 crore have been launched in the state.
These 21 realty projects will develop almost 11,000 units spanning residential apartments, commercial spaces and shops in major cities such as Lucknow, Noida, Ghaziabad, Agra, Bareilly, Varanasi, Mathura etc.
The projects are expected to catalyse balanced urban growth across UP, reduce the pressure on metropolitan cities and generate fresh regional avenues of economic activity.
Recently, UP Real Estate Regulatory Authority (UP RERA) gave its nod to these projects to accelerate housing availability, generate employment, attract investment, and position the state as a preferred destination for realty and infra growth.
“These projects underline the momentum of real estate growth in UP. With investments of Rs 7,035 crore, they will meet the varied housing needs across diverse income groups and foster economic opportunities for the state," UP RERA chairman Sanjay Bhoosreddy told Business Standard.
He maintained the Authority's rigorous scrutiny ensures that projects are compliant with regulations to protect the interests of homebuyers and enhance investor confidence.
The expected 11,000 units span residential apartments, villas, flats, plotted developments and commercial spaces including shops, he added.
According to RERA, the mix of housing and commercial infrastructure reflects UP’s bandwidth to meet diverse demand from both end-users and investors.
These projects are spread across key urban centers as well as emerging regions, underlining the widening reach of realty growth in UP.
He said this geographical spread signifies the growing strength of traditional real estate centers, and the gradual penetration of development into smaller towns and semi-urban pockets of UP.
Meanwhile, a share of housing units is earmarked for the Economically Weaker Section (EWS) to align with the Yogi Adityanath government’s vision of inclusive growth.
According to officials, the integration of commercial spaces and shops in these housing projects will promote local entrepreneurship, small businesses and self employment.
Moreover, these projects will give momentum to allied industries viz. cement, steel, tiles, paints, electrical fittings, home décor, and financial services in their vicinity.
The infusion of capital into real estate will stimulate growth in urban infrastructure, logistics and retail, strengthening UP's position as one of the fastest-growing investment destinations.
“With a robust regulatory mechanism and a widening geographical spread of projects, RERA is laying the foundation for sustainable, inclusive, and investor-friendly realty growth in UP,” Bhoosredday added.
