Construction sector in India expects 10.7% growth in FY22
14 Jan 2022
2 Min Read
CW Team
The construction sector is expected to increase at 10.7% in FY22 in a rebound from a decrease of 8.6% last year, assisted by the base effect and a planned 9.2% development in the economy, as per the Ministry of Statistics and Programme Implementation.
The ministry has evaluated India's GDP to increase 9.2% this fiscal amid surging concerns over the Omicron virus infection.
The development in the gross domestic product (GDP) of 9.2% in April 2021 to March 2022 fiscal (FY 2021-22) provided by the National Statistical Office (NSO) in its first advance estimate compares with the 9.5% development forecast by the Reserve Bank of India (RBI) last month.
The construction sector is likely to clock 10.7% in FY22 due to the government鈥檚 boosted focus on infrastructure projects and smart recovery of demand likely for residential and commercial segments.
Other allied sectors like warehousing, logistics, and data centres are likely to fuel demand going forward, Samantak Das, Chief Economist and Executive Director - Research & REIS, JLL India, told the media.
The estimates additionally said that the real estate, financial, and professional services segment is likely to witness a 4% overall development in FY22 versus the 1.5% dip. It is likely to be driven by investments in the construction and real estate sectors.
The advance estimated GDP development rate of 9.2% issued by the statistic ministry is on the optimistic side regarding the improving situation of the pandemic. Though the estimate is slightly lower than what was planned by the Reserve Bank of India, it is still much better as compared to the dip of 7.3% registered during FY21, Anuj Puri, chairman, Anarock Group told the media.
The construction sector is expected to increase at 10.7% in FY22 in a rebound from a decrease of 8.6% last year, assisted by the base effect and a planned 9.2% development in the economy, as per the Ministry of Statistics and Programme Implementation.
The ministry has evaluated India's GDP to increase 9.2% this fiscal amid surging concerns over the Omicron virus infection.
The development in the gross domestic product (GDP) of 9.2% in April 2021 to March 2022 fiscal (FY 2021-22) provided by the National Statistical Office (NSO) in its first advance estimate compares with the 9.5% development forecast by the Reserve Bank of India (RBI) last month.
The construction sector is likely to clock 10.7% in FY22 due to the government鈥檚 boosted focus on infrastructure projects and smart recovery of demand likely for residential and commercial segments.
Other allied sectors like warehousing, logistics, and data centres are likely to fuel demand going forward, Samantak Das, Chief Economist and Executive Director - Research & REIS, JLL India, told the media.
The estimates additionally said that the real estate, financial, and professional services segment is likely to witness a 4% overall development in FY22 versus the 1.5% dip. It is likely to be driven by investments in the construction and real estate sectors.
The advance estimated GDP development rate of 9.2% issued by the statistic ministry is on the optimistic side regarding the improving situation of the pandemic. Though the estimate is slightly lower than what was planned by the Reserve Bank of India, it is still much better as compared to the dip of 7.3% registered during FY21, Anuj Puri, chairman, Anarock Group told the media.
Image Source
Next Story
Kolkata鈥檚 luxury housing market sees price growth amid mixed trends
A new study by Nklusive reveals that Kolkata鈥檚 luxury residential market (Rs 5鈥�10 crore) recorded a 33 per cent year-on-year rise in supply and a 52 per cent increase in sales in calendar year 2024 (CY24). South Kolkata led with 78 per cent of the segment鈥檚 supply. The average price rose by 6 per cent鈥攆rom Rs 17,519 to Rs 18,600 per sq ft鈥攚hile unsold inventory grew by 15 per cent. Monthly absorption improved from 2 to 3 units.In contrast, the ultra-luxury segment (Rs 10 crore and above) experienced a 17 per cent decline in supply and a 30 per cent fall in sales. Central Kolkata acco..
Next Story
New Expressway to Cut Pune-Bengaluru Travel Time by Half
The upcoming Pune-Bengaluru Expressway is expected to significantly improve connectivity and economic opportunities across Maharashtra and Karnataka. This 700-kilometre greenfield, access-controlled highway will cut the travel time between Pune and Bengaluru from 15 hours to just 7 hours, facilitating easier movement for both commuters and businesses. Starting from Bommanal in Karnataka鈥檚 Athani Taluk, the expressway will traverse important districts such as Belagavi, Bagalkot, and Jamakhandi. It will then enter Maharashtra at Kanjle, connect with the proposed Pune Ring Road, and pass throug..
Next Story
Nagpur鈥檚 Koradi Naka to Get Y-Shaped Flyover for Safer, Smoother Traffic
To alleviate traffic congestion and enhance safety at Koradi Naka in Nagpur, a Y-shaped flyover is currently being constructed on National Highway 47. Demolition work has already commenced, with the main construction scheduled to start on June 20, 2025.The project, costing Rs 430.37 billion, involves building a 1,090-meter-long flyover that will connect Farsa, the Mahadula Railway Overbridge (ROB), and Bokhara Road, and will also feature an underpass. The existing structure will be repurposed into a service road to facilitate local traffic.Koradi Naka has been identified as a significant "blac..
