To make Uttar Pradesh a trillion dollar economy, the Yogi government is making a strategy to bet on investment based sectors. Under this scheme, the real estate sector is considered very attractive and strong in terms of investment. In such a situation, the UP government has a plan that an investment of Rs 7.3 lakh crore can come in the real estate sector in the next 5 years. In this, maximum focus is being given on urban areas. Here 64 lakh houses will be built near small markets. This includes houses of all categories up to HIG, MIG, LIG and EWS.
Preparation for partnership with private companies
To make these, the Yogi government will encourage private companies to invest. Citing a survey report, Chief Minister Yogi told the officials in the meeting that in 2020-21, the contribution of real estate in Uttar Pradesh’s Gross State Domestic Product that is GSDP is 14.4 per cent, which is Rs 34 billion and about Rs 34 billion from this sector 20 lakh people are connected.
The population of UP is 23.09 crore, of which 23.7 percent that is 5.47 crore people live in urban areas. The urban population is estimated to increase by 3.09 crores in the next 5 years, considering that 64 lakh houses will be needed in urban areas in the next 5 years according to the population.
To meet this need of houses, the UP government has also prepared a calculation book, according to which the average cost of building a house will be Rs 1500 per square feet. Private real estate company will contribute 65 percent in making these houses. While 35 percent contribution will be from the authorities. 75 thousand acres of land will be required to build these houses, out of which 32 thousand acres of land is currently available with the government. In such a situation, the government will have to make arrangements for 43 thousand acres of land.
UP divided into 4 parts for real estate
The four parts into which UP has been divided include Ghaziabad, Gautam Budh Nagar and Meerut of NCR in the western zone. The central zone will have cities like Lucknow and Kanpur while the southern zone will include Bundelkhand and the eastern zone will include Varanasi, Prayagraj, Mau, Gorakhpur, Sonbhadra and Ayodhya.