GBC3: Housing and commercial real estate looks up
The tremendous economic recovery and resurgence in Uttar Pradesh post Covid pandemic has led to a growth in all sectors of economy, including in those for which there were overall apprehensions.
New Delhi: The tremendous economic recovery and resurgence in Uttar Pradesh post Covid pandemic has led to a growth in all sectors of economy, including in those for which there were overall apprehensions.
Foremost among these sectors was the housing and commercial property sector as, because of the pandemic, not only the demand had become sluggish but uncertainty prevailed over many existing and planned projects.
The industrial investments slated to be launched in UP as per the third ground breaking ceremony (GBC-3) held in Lucknow on June 3, there are as many as 19 big-ticket housing commercial property proposals worth Rs 4,344 crores that are proposed to take shape in different districts in next few years.
This does not include construction of structures for other sectors such as warehousing, logistics, IT, data centres, supporting infrastructure for industries such as power substations etc, hotels and hospitals.
The sector-wise distribution of all the 1406 proposals presented in GBC-3, presided over by Prime Minister Narendra Modi in the presence of top industrialists such as Gautam Adani, Kumar Mangalam Birla, Niranjan Hiranandani Matthew Eyries, Vijay Shekhar Sharma, and others, shows that investors not only from India but from many parts of the world are keen to invest in UP. The presence of M.A. Yusuf Ali, chairman of the Lulu Group International, at the GBC was significant as it indicated the presence of global retail industry giants in UP.
It has largely been possible because of the support given by the Prime Minister to UP, and because of the push given by Chief Minister Yogi Adityanath in terms of business-friendly policies, tremendous improvement in ease of doing business, an environment of security and a supportive ecosystem.
Among the proposals presented in GBC-3, there are retail spaces, housing and group housing projects, cooperative housing projects and townships. It is a sign of the confidence of the real estate and construction sector in the state and its government policies that the sluggish trend has been reversed.
Prominent among the proposals is that from One97 Communications (PayTM) which proposes to set up a commercial office space in Noida, Gautam Buddh Nagar, which would include ample retail space on ground floor. The proposed investment is to the tune of Rs 504 crore and it is expected to generate 8,000 employment opportunities. It is expected to be completed and commissioned by July 2024.
Among other housing and commercial property projects is the Aissphra Lifespaces (Palm Emporio) project in Gorakhpur at an investment of Rs 250 crore, expected commissioning date being January 2025 with employment generation for 400 individuals.
A project by Amrawati Residency Private Limited with an investment of Rs 225 in Lucknow, has been operational since January 2022 with employment to 300 persons.
Also in Lucknow, there are three projects by ANS Developers Private Limited. The first is named Valencia County with an investment amount of Rs 405 crores, It is expected to be commissioned by January 2025, providing 800 jobs. The second is Belvedere Suites at a cost of Rs 400 crores and is likely to be commissioned by January 2025. It is expected to create 300 jobs.
The third, named Whispering Woods, coming up at a cost of Rs 325 crores, is likely to be commissioned by December 2025 with employment generation for 200.
Another project in Lucknow is from GK Orthocity Private Limited, at an investment of Rs 250 crores, likely to be commissioned by December 2023 with 700 employment generation. The Pardos Lucknow Developers Private Limited project with an investment of Rs 200 crores, is likely to be commissioned by July 2022, giving 400 jobs.
The project by Ruvik Buildtech Private Limited, with investment of Rs 350 crores in Greater Noida, is expected to be completed by June 2022 and create 2100 jobs. The Uppal Chadha Hi-Tech Developers Private Limited project with Rs 350 crores in Ghaziabad will be completed by March 2027, giving 300 jobs.
Other projects in the housing and commercial property sector are in Agra – Tripurari Infrastructure Private Limited (Rs 112 crore), Ghaziabad – Adarsh Nagar Pragatisheel Sahkari Awas Samiti Limited (Rs 180 crore), Agarwal Associated Promoters Limited (Rs 125 crore), and Sarna Projects LLP (Rs 30 crore); Lucknow – Eldeco Housing and Industries Limited (Rs 60 crore), MJ Luxuries Private Limited (Rs 100 crore), and Shalimar Educational and Charitable Trust (Rs 80 crore.)