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HindustanTimes Tue,29 Jul 2014

Half of Haryana's investments in real estate: study

None  New Delhi, July 17, 2012
First Published: 18:27 IST(17/7/2012) | Last Updated: 18:33 IST(17/7/2012)

The real estate industry is attracting significant investments in seven of the 20 top performing states of the country, including Haryana, even as the property market is facing a slowdown, an Assocham study released on Tuesday said.

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The study found that "investments in real estate have a strong nexus with the growth and investors interested in the services sector".

The services sector also attracted a good chunk of investment in the states.

Assocham secretary general DS Rawat said: "In Haryana, the services sector accounted for 34% of its total investment."

While 50% of the investment in the state was made in the realty sector in December 2011, the study said.

With Gurgaon developing as a hub for domestic and multi-national companies, real estate development became the focal point in Haryana. The sector attracted 49.7 % of the total investments in the state, the study said.

Of its total investment of Rs. 4.98-lakh crores, the real estate sector accounted for Rs. 2.48-lakh crores in Haryana, with realty sector in towns like Faridabad, Sonepat, Ambala, Panipat and Karnal also growing at a faster pace.

There have been ripple effects of real estate development in Gurgaon. In neighbouring Uttar Pradesh city Noida, the real estate sector accounted for 22% of the total investment, the study revealed.

The other states attracting sizeable investment in the sector include Uttar Pradesh, Maharashtra, Gujarat, Karnataka, Andhra Pradesh, Tamil Nadu, Rajasthan and Punjab.

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