AHMEDABAD: Gujarat had the maximum share - about 41% - of new investments in the real estate sector across India during the last fiscal, a survey by Associated Chambers of Commerce and Industry of India (Assocham) said on Monday.
Overall, realty in India attracted new investments worth over Rs 42,000 crore as on March 2013, which slipped from over Rs 92,600 crore a year ago, according to a real estate-specific analysis carried out the industry body.
Overall, realty in India attracted new investments worth over Rs 42,000 crore as on March 2013, which slipped from over Rs 92,600 crore a year ago, according to a real estate-specific analysis carried out the industry body.
"While most states have seen a decline in new investments in realty, Gujarat has seen a surge of over 700%, as the state attracted investments worth over Rs 17,000 crore as of March 2013, from just over Rs 2,000 crore a year ago," said D S Rawat, national secretary general of Assocham.
Kerala is another state which has seen massive growth of over 550% in attracting new investments in real estate, followed by Uttarakhand at 400% and Rajasthan at 175%. Most other states have seen a 50% dip in investments, according to the survey.
Apart from Gujarat, states like Maharashtra (over 17%), Karnataka (10%), Tamil Nadu (8%) and Uttar Pradesh (over 6%) are among the top five states with the maximum share of new investments in real estate across India.
With a share of about 15%, Gujarat is second only to Maharashtra which has the maximum share of about 20% of the total outstanding investments worth over Rs 14 lakh crore attracted by the real estate sector across India as of March 2013.
"The real estate sector in India has, of late, been plagued by serious problems like falling sales, rising construction costs, dampened market sentiment overall, sluggish economic growth, high interest rates, high inflation and poor industrial production ( IIP) due to which leading players had to sell off land to reduce debt, private equity players trimmed exposure to the realty sector and a general slowdown in various industries hit commercial real estate," Rawat said.
Kerala is another state which has seen massive growth of over 550% in attracting new investments in real estate, followed by Uttarakhand at 400% and Rajasthan at 175%. Most other states have seen a 50% dip in investments, according to the survey.
Apart from Gujarat, states like Maharashtra (over 17%), Karnataka (10%), Tamil Nadu (8%) and Uttar Pradesh (over 6%) are among the top five states with the maximum share of new investments in real estate across India.
With a share of about 15%, Gujarat is second only to Maharashtra which has the maximum share of about 20% of the total outstanding investments worth over Rs 14 lakh crore attracted by the real estate sector across India as of March 2013.
"The real estate sector in India has, of late, been plagued by serious problems like falling sales, rising construction costs, dampened market sentiment overall, sluggish economic growth, high interest rates, high inflation and poor industrial production ( IIP) due to which leading players had to sell off land to reduce debt, private equity players trimmed exposure to the realty sector and a general slowdown in various industries hit commercial real estate," Rawat said.
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