Updated March 1st, 2024 at 11:46 IST

Uttar Pradesh real estate sector set for massive growth with Rs 50,000 crore projects

Sharaf Group leads with over Rs 1,250 crore investment, creating 1,250 job opportunities in Moradabad logistics park.

Reported by: Business Desk
Real estate | Image:Pexels
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UP real estate surge: The real estate sector in Uttar Pradesh is gearing up for a substantial boost with the unveiling of projects worth more than Rs 50,000 crore, as per a recent statement released by the government. These projects, which were introduced during a ceremony in Lucknow, encompass major developments in Noida and Ayodhya, according to the state's official statement.

Job opportunities abound

Several prominent real estate firms, both domestic and international, have initiated projects in Uttar Pradesh. Notably, M3M India Private Limited is investing Rs 7,500 crore in a diverse project comprising residential, commercial, official, retail, and service apartments, expected to generate over 14,000 job opportunities for the state's youth.

Similarly, the House of Abhinandan Lodha is leading a luxury residential and commercial project in Ayodhya, with an investment of Rs 3,000 crore, anticipated to create more than 1,000 job opportunities. Other notable investors in the real estate sector include Prateek Retailers India, Wonder Cement, Shipra Estate, Omex, amongst others, according to the statement.   

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Major investment impact

These real estate projects are projected to open up employment avenues for Uttar Pradesh's youth. Additionally, the government is optimistic about job prospects in the logistics sector, with several major projects underway through GBC 4.0. The largest investment in this sector, exceeding Rs 1,250 crore, is being made by the Sharaf Group, establishing a logistics park in Moradabad district, poised to generate over 1,250 job opportunities.

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With increasing industrial investments, the state government has approved the Warehousing and Logistics Policy to enhance storage capacity, streamlining land allocation for logistics parks, and encouraging the development of logistics zones, aiming to boost the state's economic infrastructure.

(With PTI Inputs)

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Published March 1st, 2024 at 11:46 IST