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TS, AP lag behind in realty race
Highlights
Andhra Pradesh, which celebrated foundation-laying ceremony of its new capital Amaravati amid much fanfare on Thursday, has topped the list of States that have been witnessing significant delays in implementation of realty projects, while Telangana stood at third position.
Hyderabad: Andhra Pradesh, which celebrated foundation-laying ceremony of its new capital Amaravati amid much fanfare on Thursday, has topped the list of States that have been witnessing significant delays in implementation of realty projects, while Telangana stood at third position.
“Realty projects in Andhra Pradesh are facing maximum delay of about 45 months followed by Madhya Pradesh (41 months), Telangana (40 months) and Punjab (38 months),” according to a study carried by industry body Assocham.
On an average, real estate projects in India are facing a delay of 33 months in completion,” said D S Rawat, Secretary General of Assocham while releasing the findings of the study ‘Real estate investment: State-level analysis’
According to the just-concluded study, over 75 per cent of the total 3,540 live projects with total outstanding investments worth over Rs 14 lakh crore attracted by the real estate sector across India remained non-starter by the end of the last financial year. Telangana accounts for 6 per cent of the total projects while the industry body did not release the percentage for AP.
While over 2,300 projects in the realty sector remained non-starter, over 1,000 on-going projects have registered significant delay in completion, it added.
With 964 projects, domestic private sector accounted for 95 per cent share in real estate projects facing delays followed by public sector (49 projects) and foreign private companies (6 projects), noted the study prepared by the Assocham Economic Research Bureau (AERB).
Maharashtra alone accounts for over one-fifth share (21 per cent) in the total outstanding investments attracted by real estate sector throughout India followed by Uttar Pradesh (14 per cent), Gujarat (13 per cent), Karnataka (12 per cent) and Haryana (8 per cent) that are amid top five States in this regard.
Tamil Nadu, like Telangana, accounted for over 6 per cent share in terms of total outstanding investments garnered by realty sector in the country.Assam, Bihar, Chhattisgarh, Himachal Pradesh, Jammu & Kashmir, Jharkhand, Odisha and Uttarakhand together accounted for negligible share of less than even 2 per cent in the total outstanding investments attracted by the sector.
“We urge the government to pass the long-pending Real Estate (Regulation and Development) Bill on an urgent basis as it would help in resolving the key issues that are hampering the growth of the sector,” Rawat said. Kerala has recorded highest compounded annual growth rate (CAGR) of about 59 per cent in attracting real estate investments during the decadal period of 2005-06 and 2014-15 followed by Karnataka (40 per cent) and Uttar Pradesh (32 per cent).
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