Gujarat tops in completed realty projects across India with 35% share: Assocham

State, however, has no share in new investments attracted by realty sector in Q1 FY14

Gujarat has ranked on top with maximum share of about 35 per cent in the completed projects in real estate sector amid top 20 states across India during the first quarter of the current fiscal, claimed an Assocham report here today.

“Gujarat has registered completion of real estate projects worth about Rs 1,035 crore in Q1 of the current financial year as against Rs 39 crore worth of realty projects completed during the corresponding period of last year,”  said a paper titled ‘Current State of Real Estate Sector in India and It’s Revival,’ released by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

The report further highlighted that real estate projects worth over Rs 2,971 crore got completed during the first quarter of the 2013-14 across India thereby registering an year-on-year growth of over 50 per cent in rate of project completion as realty projects worth only Rs 1,976 crore had got completed in Q1 of the previous financial year.

However, the chamber report also pointed out at the same time that Gujarat has absolutely no share in total amount of new investments worth about Rs 5,884 crore attracted by the real estate sector in Q1 of FY14 across top 20 states in India. In comparison,Gujarat had attracted new investments worth about Rs 500 crore in real estate sector in first quarter of FY13. With a share of over 15 per cent in total outstanding investments worth over Rs 14 lakh crore attracted by top 20 states in the real estate sector as of June 2013, Gujarat ranks second with outstanding investments worth over Rs 2.1 lakh crore in the realty sector.

'With real estate projects worth over Rs 1.1 lakh crore under implementation in Gujarat as of June 2013, the state commands a share of about 13 per cent in realty projects worth a total of over Rs 9.4 lakh crore under implementation across top 20 states of India', highlighted the Assocham paper.

After Gujarat, Maharashtra has the second highest share of 17 per cent in the completed real estate projects of the total worth over Rs 2,971 crore in the top 20 states between April-June this year followed by Rajasthan (12 per cent), Tamil Nadu (11 per cent) and Haryana (10 per cent) that acquired significant share in completed real estate projects.