Uttar Pradesh has seen an increase in the realty investment, reported Associated Chambers of Commerce and Industry of India.
Analyzing the growth rate of realty investment in Uttar Pradesh, Associated Chambers of Commerce and Industry of India has reported that the state has received a growth in the investment level.
Though overall, India faced lowered investments in the real estate sector, some states like Gujarat, Kerala, Uttarakhand, Rajasthan and Uttar Pradesh have received improved investments, the statement of ASSOCHAM says.
Over the past four years, UP has witnessed tremendous improvements in the field of realty investment. Investment grew in the state by 106 percent. This is far above the Indian growth rate of 25 percent.
Rs.14000 Cr was invested in this state. It stands at the sixth position. Realty investment in the state amounts to more than ten percent of the total investment received.
Gujarat received the highest investment this year. The performance of Kerala, Rajasthan, Uttarakhand also is stable. Most of the remaining states faced a fall in the investment rates.
With a growth percentage of over 700, Gujarat realty has bagged Rs.17000 Cr. While Kerala stands second with 550 percent of growth rate, Uttarakhand and Rajasthan stand third and fourth positions with 400 and 175 percent of growth rate respectively.
Due to the weak performance of the other states, the investments in the real estate sector in India have fallen sharply. As against the Rs.96,000 Cr invested in the year 2011, the last year the total investment in the real estate sector fell to Rs.42000 Cr.
Majority of the investments in UP is done in Noida and Lucknow, the top cities in the state. The high level performance of Noida realty is one of the key factors that attribute a lot to the growth of UP. This is the top real estate market in this state.