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Ahmedabad secures top spot for NPA properties in Gujarat, reveals NPAsource study

AHMEDABAD: Being considered as India's textile city, Ahmedabad district accounted for the highest value of non-performing asset (NPA) properties in the state of Gujarat, having Rs 547.64 crore for a twelve months period from February 2011 to February 2012, as revelaed by a study conducted by NPAsource dot com, a Atishya Technologies' portal.

The survey covered a total of 366 units of Gujarat valued at Rs 984.03 crore of NPA properties for the period under review.

Ahmedabad district, the financial hub of the state, accounts for more than 50 per cent of total NPA properties in Gujarat with Rs 547.64 crore spread across 90 units. Out of total 90 units in Ahmedabad district, 46 units account for Rs 502.84 crore of commercial and industrial properties. Around 30 residential properties here valued at Rs 19.54 crore.

Other two districts, Surat and Kutch secured second and third slot in NPA properties list. Surat emerges with 62 units, with a value of Rs 93.30 crore. Kutch stands at number three with Rs 73.41 crore of NPA properties for five units, followed by Valsad, Bharuch and Vadodara with Rs 62 crore, Rs 60.68 crore and Rs 57.93 crore, respectively.

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.”