Economy
Majority of 2014-15 realty projects remain non-starters: Assocham
Over 75 percent of projects in the real estate sector during 2014-15 did not start off due to delay in regulatory approvals and other bottlenecks.
 
A study conducted by apex industry body the Associated Chambers of Commerce and Industry of India (Assocham) disclosed that over 75 percent of the total 3,540 projects remained non-starters.
 
Total outstanding investments worth over Rs.14 lakh crore were attracted by these projects.
 
"On an average, real estate projects in India are facing a delay of 33 months in completion," said D.S. Rawat, secretary general of Assocham, while releasing the study report.
 
"We urge the government to pass the long-pending Real Estate (Regulation and Development) Bill on an urgent basis as it would help in resolving the key issues that are hampering the growth of the sector," Rawat said.
 
According to the study, over 2,300 projects in the realty sector remained non-starter, while over 1,000 on-going projects have registered significant delays in completion.
 
The report by the industry body's economic research bureau (AERB) revealed that realty projects in Andhra Pradesh faced maximum delay of about 45 months, followed by Madhya Pradesh (41 months), Telangana (40 months) and Punjab (38 months). 
 
Maharashtra led the states in attracting most investment from the real estate sector. The states share out of the total outstanding investments attracted from real estate sector throughout India stood at 21 percent.
 
The state was followed by Uttar Pradesh (14 percent) and Gujarat (13 percent). Tamil Nadu and Telangana accounted for over six percent each.
 
"Growth in real estate investments attracted by Haryana declined by over five percent during this period, while West Bengal registered about four percent fall in growth by Madhya Pradesh (three percent)," the report said.
 
Interestingly, Kerala recorded highest compounded annual growth rate (CAGR) of about 59 percent in attracting real estate investments during the decadal period of 2005-06 and 2014-15 followed by Karnataka (40 percent) and Uttar Pradesh (32 percent).
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Car Free Day: 60 percent drop in Delhi's air pollution
The first Car Free Day in the national capital led to a 60 percent drop in the air pollution on the car-free stretch in comparison to the levels observed on a normal day, a report released by the Centre for Science and Environment (CSE) said on Thursday.
 
"The car-free initiative as well as the low traffic load on the national holiday of Dussehra has helped lower the pollution levels and toxic exposure in the city. 
 
"Today (Thursday), the air particulate matter (PM 2.5) was 265 micrograms per cubic metre (cu m) in comparison to a normal day, when the particulate normally was 689 micrograms per cu m," said the report released on Thursday evening.
 
Particulate Matter (PM2.5) is an air pollutant that is a concern for people's health when its levels in air are high. 
 
PM2.5 is tiny particles in the air that reduce visibility and cause the air to appear hazy when levels are elevated.
 
The Delhi Pollution Control Committee too has supported the CSE report and has observed overall drop of 45 percent in PM2.5 level in the city.
 
The car-free day in Delhi was observed on the stretch between Red Fort and India Gate with Delhi Chief Minister Arvind Kejriwal leading a cycle rally in the morning.
 
"This initiative of the Delhi government has only helped to prove how the growing car numbers in the city aggravate toxic pollution. If these numbers are controlled, pollution can be lowered significantly," said Anumita Roychowdhury, executive director (research and advocacy), CSE.
 
The exposure monitoring on the road was carried out by CSE first on October 21 -- a regular day -- and during the car-free event on Thursday. 
 
Meanwhile, Delhi Chief Minister Arvind Kejriwal took to social media to share the impact of car free day, saying we need to reduce traffic.
 
In the series of tweets, he said: "Almost 60 percent reduction in pollution noted on that road. It means traffic is main culprit. We have to reduce traffic."
 
"Comfortable, reliable, accessible public transport system and better designed roads is the key. I'll personally work on this," he added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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