Have You Invested Along Yamuna Expressway? Here Is Why Your Investment Is Going To Multiply
By the end of the two-day Uttar Pradesh Investors Summit that was organised between February 21 and 22, the Chief Minister Yogi Adityanath-led state government was able to sign memorandums of understanding (MoUs) to the tune of $64 billion. If these MoUs materialise, India’s most populous state could see a turnaround in its fortunes. Based on the realisation of investors’ promises, those who invested in real estate along the 165-kilometre Yamuna Expressway would also benefit a great deal. Rates of their property, which is currently counted among the most affordable properties in the national capital region, is likely to shoot up in the near future. Those who invested in this affordable region with an aim to earn rentals would also soon have more takers. Developers who are sitting on large unsold inventory would also see a sudden rush of buyers.
During the summit, the Yamuna Expressway Industrial Development (YEIDA) signed pacts with as many as 28 private players who promised to invest as much as Rs 10,074 crore in the region. To make sure investment promises do not go to cold storage, the agency will soon start the process to allocate land to these companies to set industrial units in the region. If all the companies set their units in the region, 28,000 new jobs will be created, say officials. Additionally, around five lakh indirect jobs would also be created.
“Rama Group that deals with milk products and Bikanervala Foods are ready to buy land for their projects. We hope we will be able to convince other 26 agencies to also set up their business. We had a meeting with the industries minister and other top officials in Lucknow on March 8 on this issue. We will provide hassle-free clearances to agencies so that they start their business without facing any problem, right from buying land to get clearances,” YEIDA Chief Executive Officer Arun Vir Singh was quoted by a Hindustan Times report as saying.
The agency has in its possession a land bank of around two lakh hectare, of which only 16,000 hectare has been allotted for development. In the absence of economic activity, demand for real estate along the Yamuna Expressway has remained muted in the recent past, and rates of property – data available with PropTiger.com show averate rage of property in the region is Rs 2,500 per square foot – has been stable for a couple of years. The arrival of business would see residents following, pushing the demand for residential as well as rental housing.