State to buy 43K acres of land for ~7.3 trillion
The Uttar Pradesh government plans to acquire nearly 43,000 acres of land with an investment of ~7.3 trillion to achieve its ‘housing for all’ goal by 2027.
According to estimates, the state requires about 6.4 million new housing units in the urban and suburban centres in the next five years to meet the target.
The construction of 6.4 million units belonging to different socioeconomic categories would require 75,000 acres of land. While the government already has 32,000 acres, it will have to acquire the remaining 43,000 acres.
Chief Minister Yogi Adityanath has noted that the housing sector’s contribution to the gross state domestic product (GSDP) stood at 14.4 per cent, or ~34 billion in real terms, while 2 million were employed. “There is a need to focus on the real estate sector for providing new opportunities for growth, development, and employment,” he underlined.
Meanwhile, private real estate companies and state housing bodies are estimated to contribute 65 per cent and 35 per cent of the projected ~7.3 trillion worth of investment in the space.
At present, of the almost 230 million population, nearly 23.7 per cent or 54.5 million live in urban areas.
According to estimates, by 2027, the state’s population will swell to 245 million, of which 35 per cent or 85.6 million will inhabit the urban areas, thereby surging the urban population by over 30 million.
There are about 1.07 million housing units in urban areas, 6.4 million new houses will be required to ensure privatelyowned living spaces for each family.
“There will be a boom in real estate, which will play an important role in making the state a trillion-dollar economy,” the chief minister said.
The state is divided into four parts to promote the realty sector. It has clubbed Ghaziabad, Gautam Budh Nagar, and Meerut districts in the western zone, which is expected to see an increase in population because of a boom in the manufacturing sector.