Uttar Pradesh is poised to experience a surge in the real estate sector as projects worth over Rs 50,000 crore are set to be launched, creating a substantial number of job opportunities for the state’s youth, as announced by the government on Thursday.
These real estate initiatives were unveiled during a recent groundbreaking event in Lucknow, with significant developments also taking place in Noida and Ayodhya, according to a statement released by the state government.
“Numerous renowned real estate companies, both domestic and international, have commenced projects in Uttar Pradesh. This includes M3M India Private Limited, investing Rs 7,500 crore in the development of residential, commercial, official, retail, and service apartments, offering over 14,000 employment opportunities for the state’s youth,” the statement read.
Furthermore, Abhinandan Lodha’s House has launched a luxury residential and commercial real estate project in Ayodhya, with an investment of Rs 3,000 crore, anticipated to create more than 1,000 job opportunities,” it added.
Other significant investors in the real estate sector mentioned in the statement include Prateek Retailers India, Wonder Cement, Shipra Estate, Omex, Eureka Builders, and several others, indicating a promising outlook for employment prospects in Uttar Pradesh.
“These real estate ventures are expected to unlock a plethora of job opportunities for the youth of Uttar Pradesh,” emphasized the government.
Additionally, the government is optimistic about the logistics sector providing abundant job opportunities for the state’s youth, with notable companies implementing projects through GBC 4.0.
“The largest investment, exceeding Rs 1,250 crore, comes from the Sharaf Group, establishing a logistics park in Moradabad district, projected to create over 1,250 job opportunities in the state,” the statement highlighted.
In light of the escalating industrial investments in Uttar Pradesh, the government has sanctioned the Warehousing and Logistics Policy to enhance the state’s storage capacity.
“This policy not only expedites land allocation for logistics parks but also promotes the development of logistics zones,” it further stated.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Feb 29 2024 | 8:54 pm ist
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