Commercial property market defying recession in India | 19 July 2012
The real estate market in India appears to be unaffected by the economic crisis throughout the country.
xA report by Associated Chambers of Commerce and Industry of India (ASSOCHAM) showed that real estate purchases accounted for almost 50 per cent of total investment in Haryana as of December 2011.
According to hindustantimes.com, six more of the top 20 well-performing states had similarly impressive proportions of real estate investments. These included Uttar Pradesh, Maharashtra, Gujarat, Karnataka and Andrha Pradesh.
The report noted a strong correlation between the growth of the commercial property sector and the growth of the services sector in many of these cities. For example, the services sector accounted for 34 per cent of investment in Haryana and 37 per cent of investment in Maharashtra.
However, ASSOCHAM has announced that investment in Harayana commercial property could be hit by a recent high court order stating that construction permits cannot be issued to projects that can’t prove they will not draw up ground water.
“It will not only give a severe jolt to the realty sector but will also hurt investment scenario in the state,” the chamber said in a recent statement released to zeenews.com.
Investment in most other industries in India have been on the decline for some time due to the recession.
Written by Joe Elvin on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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