construction sector growth
The construction sector is expected to grow in double digits at 10.7 percent in FY22 in a recovery from a contraction of 8.6 percent last year, aided by the base effect and a growth in the economy.

The Union Ministry has estimated India's GDP to grow 9.2 percent this fiscal amid soaring concerns over the Omicron virus infection. The growth in the gross domestic product (GDP) of 9.2 percent in April 2021 to March 2022 fiscal (FY 2021-22) given by the National Statistical Office (NSO) in its first advance estimate compares with the 9.5 percent expansion forecast by the Reserve Bank of India (RBI) last month. The construction sector is likely to clock 10.7 percent in FY22 with the government’s increased focus on infrastructure projects and smart recovery of demand expected for residential and commercial segments. Logistics, warehousing, and data centres are also expected to fuel demand forward, informed Chief Economist and Executive Director - Research & REIS, JLL India, Samantak Das. The financial, real estate, and professional services segment is expected to see a 4 percent overall growth in FY22 versus the 1.5 percent contraction.

The estimated GDP growth rate of 9.2 percent released by the statistics ministry is on the optimistic side considering the evolving situation of the pandemic. Though the estimate is slightly lower than what was projected by the Reserve Bank of India, it is still much better than compared to the contraction of 7.3 percent recorded during FY21, said Anuj Puri, chairman, Anarock Group. “The construction sector contribution towards the GDP has been significant with a 10.7% increase in the contribution towards the GVA during this year. Increase in the construction activity and initiation of large-scale infrastructure projects are going to be significant contributors to the GDP,” Puri added.

According to Vivek Rathi, Director - Research, Knight Frank India, the third wave and Omicron variant across the world has increased caution but policy and business response this time is expected to be nuanced. Mainly led by strong Investment activity and followed by consumption growth, the FY22 GDP advance estimate has arrived at 9.2 percent. With improved pandemic awareness and technology-led preparation, business and consumer confidence are high and government response on pandemic is graded and more localized now.
The Ghaziabad Development Authority (GDA) board has given a go-ahead for developing transit-oriented development (TOD) zones along the Regional Rapid Transport System (RRTS) corridor. It has decided to declare up to 1.5 km on both

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NHAI has decided to upgrade the 75-km-long Ahmednagar bypass-Shirdi NH-160 starting from Savali Vihir to the Ahmednagar bypass. The project was announced in January 2021 at a cost of ₹450 crore but delays in execution has increased the

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The National Highways Authority of India (NHAI) has started construction work on a greenfield highway between Mancherial and Warangal in Telangana at an estimated investment of ₹2,500 crore. It has invited tenders for the

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Telangana government has decided to extend the Hyderabad Metro to the Rajiv Gandhi International Airport (RGIA) in Shamshabad at an approximate cost of ₹6,250 crore. At 31-km, the Airport Metro corridor starting at Mindspace junction to

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Assam Chief Minister Himanta Biswa Sarma informed that a slew of development projects will be launched in two phases across different districts over the

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Godrej Properties will launch a luxury housing project at Ashok Vihar in the national capital in March quarter and is eyeing ₹8,000 crore of sales revenue

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Rajasthan CM Ashok Gehlot has approved ₹26 crore 45 lakh for 54 kms of new road construction work in Nagaur. Road construction work will be done in Nagaur

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The Union transport ministry has launched nine roads and highways projects involving an investment of over ₹9,000 crore in Rayalaseema region of Andhra Pradesh

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The National Highways Authority of India has fast tracked work on the 116-km long Ludhiana-Ropar greenfield expressway project involving an investment

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A New Delhi-based real estate builder with operations spanning across Mumbai, Noida and Chandigarh, has launched an integrated luxury township project

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Reiterating the government's commitment towards the development of Sangam city, UP Chief Minister Yogi Adityanath has inaugurated 35 projects worth ₹325.16 crore and laid the

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The National Highways Authority of India has planned to build 23.32-km-long Sachendi–Mandhana Road, around Kanpur on EPC model entailing an investment of ₹16,680

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According to a report titled Project Management 2.0 - Driving Value in the New Normal Era by Global Commercial Real Estate Services (CBRE), in Q3 2022, the construction costs of

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The Union Ministry of Road Transport and Highways is all set to start the construction work on the two-lane 1,465-km long Frontier Highway in Arunachal

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