New investments in realty sector fall over 55%: Assocham
The real estate sector attracted Rs 42,000 crore new investments during last financial year, down nearly 55 percent compared to the previous fiscal, industry chamber Assocham said Monday.
New Delhi: The real estate sector attracted Rs 42,000 crore new investments during last financial year, down nearly 55 percent compared to the previous fiscal, industry chamber Assocham said Monday.
"The realty sector in India attracted new investments worth over Rs 42,000 crore as of March 2013, which slipped from over Rs 92,600 crore a year ago," according to an analysis on real estate by Assocham.
The new investments in realty sector in Maharashtra have plummeted by over 55 percent in the last fiscal, it added.
"Maharashtra has attracted outstanding investments worth about Rs 3,00,000 crore in the real estate sector as of March 2013, but the new investments in the sector dipped from over Rs 16,000 crore to just over Rs 7,000 crore during the course of last one year," the industry body said in a statement.
While most of the states have seen a fall in attracting new investments in the sector, Gujarat has witnessed a surge of over 700 percent as the state attracted investments worth over Rs 17,000 crore from just over Rs 2,000 crore in 2011-12.
"Kerala is another state, which has seen massive growth of over 550 percent in attracting new investments in real estate, followed by Uttarakhand (400 percent) and Rajasthan (175 percent)," Assocham National Secretary General D S Rawat said.
However, most of the other states have seen a drop of over 50 percent in new investments in the realty sector during the aforesaid period, he added.
"Apart from Gujarat, the states of Maharashtra (over 17 percent), Karnataka (10 percent), Tamil Nadu (8 percent) and Uttar Pradesh (over 6 percent) are amid top five states with maximum share in new investments attracted by real estate sector across India," Rawat said.