PRAYAGRAJ: The city’s real estate market is set for significant development, with over 100 builders nationwide showing interest in launching residential projects as part of the Prayagraj Development Authority’s (PDA) group housing initiative.
The robust interest signals an expansion in housing options for locals in the coming two to three years.
The PDA has called for applications from private developers to build group housing on unused land in its residential schemes. Despite the application deadline being June 22, 104 builders from Noida, Gurugram, Delhi, Haryana, Bihar, Madhya Pradesh, and various districts in Uttar Pradesh, including Lucknow, Kanpur, Bhadohi, Azamgarh, Chitrakoot, and Banda, have already expressed their interest.
The involvement of well-known builders from metropolitan areas like Noida and Gurugram signifies a pivotal change for Prayagraj, where apartment living has historically lagged behind larger urban centers. Following the application process, land will be allocated via e-auction later this month.
Officials anticipate that around 10 group housing projects will be developed, resulting in approximately 2,000 flats. Given the high level of competition among developers, housing prices are projected to remain affordable.
In addition to the group housing project, the PDA is advancing its ambitious Aerocity Township near Prayagraj Airport, which spans 500 hectares and has already secured an initial investment of Rs 100 crore from the government. Upon completion, it is expected to offer residential opportunities for about 2.5 lakh individuals.
PDA vice-chairman Rishi Raj stated that the strong response from builders illustrates the rising demand for housing in Kumbh city and signifies that residents will soon have more options for home buying.
He added that efforts are being made to complete all necessary formalities promptly to commence construction as soon as possible.
