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Andhra Pradesh stood fifth with a share of over 10 per cent in the total investments worth over Rs 14 lakh crore attracted by the real estate sector across India as of March 2013, according to an analysis carried out by The Associated Chambers of Commerce and Industry of India (Assocham).
AP also clocked over 13 per cent growth in the investments attracted by the real estate sector during the course of the past five financial years from 2008-09 to 2012-13 as against the all-India growth rate of 25 per cent.
"Although Andhra Pradesh attracted outstanding investments worth over Rs 1.4 lakh crore as of March 2013, the deccan state registered a significant 90 per cent decline vis-à-vis new investment commitments attracted by the realty sector between 2011-12 and 2012-13 across the state," Assocham secretary general, DS Rawat, stated in a press release on Thursday.
Rawat said AP had attracted new investment commitments in the real estate sector worth over Rs 9,400 crore in 2011-12 while the state failed to improve its performance as the new investment commitments in 2012-13 declined to just about Rs 975 crore.
The realty sector in India attracted new investment commitments worth over Rs 42,000 crore during the last fiscal which slipped from over Rs 92,600 crore a year ago, thereby registering a significant decline of about 55 per cent.
While most of the states have seen a drop of over 50 per cent, few states like Gujarat (700 per cent), Kerala (550 per cent), Uttarakhand (400 per cent) and Rajasthan (175 per cent) have seen massive growth in attracting new investments in real estate in 2012-13.
