Gujarat tops in attracting real estate investments

Tamil Nadu has registered a year on year drop of over 75 per cent in attracting investments in the realty sector. New investments in the realty sector in the state dropped from Rs 13,600 crore to just over Rs 3,300 crore between 2011-12 and 2012-13, according to the Associated Chambers of Commerce and Industry of India (Assocham). TN has been ranked third with a share of about eight per cent in the total value of new investments attracted by the real estate sector across India during the last fiscal, according to Assocham.

States across India attracted new investments worth over Rs 42,000 crore in the real estate sector during 2012-13 which declined from over Rs 92,600 crore during 2011-12, DS Rawat, national secretary general, Assocham said. While most of the states have seen a decline in attracting new investments in the realty sector, Gujarat has been an exception. The state has seen a surge of over 700 per cent attracting investments worth over Rs 17,000 crore as on March 2013 from just over Rs 2,000 crore a year ago.

Kerala is another state which has seen massive growth of over 550 per cent in attracting new investments in the real estate sector followed by Uttarakhand (400 per cent) and Rajasthan (175 per cent), Rawat said.