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A`bad, Surat Kutch have highest share of NPA properties in Gujarat: NPAsource.com



Ahmedabad district tops the chart for highest number of non-performing asset (NPA) properties with Rs. 5.47 billion for a twelve months period from February 2011 to February 2012, reveals a study conducted by NPAsource.com, a unique and first of its kind portal started by Atishya Technologies.

The recent study has covered a total of 366 units of Gujarat valued at Rs. 9.84 billion of NPA properties for the period under review. Ahmedabad district, the financial hub of the state, accounts for more than 50% of total NPA properties in Gujarat with Rs. 5.47 billion spread across 90 units. Out of total 90 units in Ahmedabad district, 46 units account for Rs. 5.02 billion of commercial and industrial properties. There are 30 residential properties in Ahmedabad district valued at Rs. 195.4 million.

According to the study, Surat comes second with 62 units, with a value of Rs. 933 million. Kutch stands at number three with Rs. 734.1 million of NPA properties for five units, followed by Valsad, Bharuch and Vadodara with Rs. 620 million, Rs. 606.8 million and Rs. 579.3 million respectively.

Commenting on the findings of the study done by NPAsource.com, Devendra Jain, CMD of Atishya Group, said, ``It is obvious that Ahmedabad, being the financial capital of Gujarat tops the list of districts having highest number of NPA properties. But, with just five NPA properties, Kutch comes at number three in the state. As Gujarat has been the growth engine for India’s industrial development, it is but natural that the quantum of NPA properties too will be higher, especially in highly industrialized areas like Ahmedabad and Surat.``
NPAsource.com study also revealed that out of the different types of properties given as collateral against loans, commercial and industrial properties worth Rs. 7,370 million spread across 132 units accounted for a majority of the total NPA properties. Land worth Rs. 1,810 million spread across 90 blocks of land and 121 residential units valued at Rs. 380 million were the other major categories in NPA properties.
Furthermore, the study reveals that, in the residential property segment Ahmedabad district has NPA properties worth Rs. 195.4 million in 30 units, followed by Rs. 66.7 million NPA properties in Surat and Rs. 45.8 million NPA properties in Vadodara.

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