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Real estate sector rebound: ₹4k cr to be invested in housing sector in Prayagraj
Different real estate companies will start working on at least 29 separate housing projects in and around Sangam city.
PRAYAGRAJ Recovering from the impact of the Covid outbreak, the real estate business in Prayagraj is likely to get a major push as preparations have been made for investments to the tune of around ₹4,000 crore in the sector. Different real estate companies will start working on at least 29 separate housing projects in and around Sangam city in the next five years.
The projects include a big educational institute in Jhalwa area, according to the applications received by the Prayagraj Development Authority (PDA). “All these proposals will be placed in the upcoming U.P. Global Investors’ Summit set to be held in Lucknow from February 10 to 12, said PDA secretary Ajeet Kumar Singh.
As per officials, the Sai Dham Group has offered to invest the highest amount of ₹700 crore for seven projects in the housing schemes while the Vinayak Group has proposed a project of ₹595 crore. Similarly, real estate developer Omaxe Limited has proposed a ₹500 crore project while Goyal Housing has also committed to invest ₹420 crore. The Paras Group too has proposed a project worth ₹380 crore. Authorities privy to the matter have said that the proposals made by the 10 separate real estate firms have been uploaded on PDA’s official portal in the run up to the Global Investor’s meet.
Recently, district magistrate Sanjay Kumar Khatri held a meeting with PDA officials on the proposals to be included in the investors’ summit. PDA secretary Ajeet Kumar Singh has been made the nodal officer for this. Officials also spoke of their plan to provide more than 1,000 jobs in the real estate sector in the district in coming months.
Details of the proposed real estate housing schemes along with the details of the employment to be generated through these initiatives would be kept in the investors’ summit. Officials said that most of the firms have already bought the land for their proposed projects while others are in the process of doing so.
Authorities also claimed that PDA is considering selling its own chunks of land to these real estate firms -- including two such lands located on Noorullah Road and near Nehru Park -- to help in the infrastructure development. Earlier, PDA was planning to construct its own housing schemes at these sites. Notably, the land available near Nehru Park has been sought to construct a Sanskrit University, officials added.
