With Rs 50,000 crore investment, UP's real estate sector set for a boom

by IANS |

Lucknow, Feb 29 (IANS) 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 Ground Breaking Ceremony (GBC4.0), which will also see creation of significant number of jobs for the youth in the state.

According to the official spokesman, 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 7500 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 3000 crore, which is expected to create over 100 job opportunities.

The biggest investment of more than Rs 1250 crore has come from the Sharaf Group, which is establishing a logistics park in Moradabad district. The project will generate more than 1250 employment opportunities in the state.

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 4.0.

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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