Uttar Pradesh Witnesses Remarkable Growth in Realty Investment
Real estate investment in Uttar Pradesh has experienced significant growth, according to the Associated Chambers of Commerce and Industry of India (ASSOCHAM). The state's real estate sector has witnessed substantial progress between 2008-09 and 2012-13.
ASSOCHAM's study reveals that Uttar Pradesh's realty investment grew by an impressive 106 percent, compared to a mere 25 percent growth across India during the same period.
With investments totaling Rs. 14,000 crore, Uttar Pradesh secures the sixth position nationally, trailing behind Gujarat. The state attracted nearly 10 percent of the total real estate investments in India.
National Investment Trends
In the last fiscal year, India attracted a total of Rs. 42,000 crore in investments from both domestic and international sources. Gujarat led the nation, receiving over 40 percent of the realty investments, amounting to Rs. 17,000 crore. Uttar Pradesh had received Rs. 8,200 crore in the 2011-12 fiscal year. The growth in Noida and its surrounding areas has contributed significantly to Uttar Pradesh's overall investment figures.
While India receives investments across various economic sectors, real estate consistently remains a key investment area. Although other sectors contribute to the overall investment landscape, their contributions are relatively minimal compared to the realty sector.
National Decline and State Performance
The ASSOCHAM report indicates a substantial decline in realty investments across India. Compared to Rs. 96,000 crore invested in 2011, only Rs. 42,000 crore was invested in the last fiscal year.
Although many states experienced a downturn in realty investment, Gujarat, Kerala, Uttarakhand, and Rajasthan exhibited strong performances. These states garnered higher investments in the last fiscal year.
Despite the overall decline in realty investments, the future of the sector in the coming year looks more promising, according to certain market analysis and expert opinions.