Lucknow: Uttar Pradesh, Maharashtra and Gujarataccount for over half of the total real estate and construction sector investments in the country as of December 2016, industry body Assocham said in a recent study.
“There are about 3,489 projects worth Rs 14.5 lakh crore in the construction and real estate sector that are currently live across India,” the study titled ‘Construction and real estate investment: State-level analysis’ said. Maharashtra accounts for the lion’s share of about 25% in total investments followed by UP and Gujarat (13% each), Karnataka (10%) and Haryana (9%).
Among states, Odisha has recorded highest compounded annual growth rate (CAGR) of about 37% in investments attracted by realty sector during 2011-16 followed by UP (9%), Maharashtra (3%), Kerala (1.6%) and Andhra Pradesh (1.4%) while rest all top states clocked negative growth in this regard. About 70% of construction and real estate investment projects remained non-starter in India since 2013. Significant growth has also been recorded in projects that remained under different stages of implementation, that is, from 63% in 2009 to about 77% in 2015 which moderated to 72% in 2016, it said.
Among states, over 95% of realty investment projects are under implementation in West Bengal followed by UP (90%) and Punjab (88%). The study noted that real estate projects in Punjab are facing maximum delays to the tune of 48 months followed by Telangana (45 months), and West Bengal, Odisha and Haryana (44 months). On a positive note, while new investment activities in real estate and construction sector have recorded negative growth between 2011 and 2015, it recorded a significant spike in 2016 (32%), it said.
India Tribune, as an English weekly newspaper, was launched in 1977 in Chicago by its publisher Prashant Shah with a lofty ideal to serve the Asian Indian community in the USA. Over the years, it has grown with all vigor, and now it is being published in three editions – Chicago, New York and Atlanta. India Tribune, a journal of its kind for the family in the USA, has been a household name for many Indians for over three decades with each issue commanding a readership of over 125,000.
