The port city attracting industrial investment has seen a substantial growing interest in real estate and this sector is expected to be the key driver for ensuring double digit growth rate in the district economy.
Trade, hotels, and restaurants are second highest earners and third is manufacturing. The district gross domestic product for the year 2013-14 at current prices was Rs. 65,458 crore. Real Estate and business contributed a 20.41 per cent with Rs. 13,364 crore. Trade, hotels and restaurants and manufacturing were at 17.65 and 17 per cent respectively.
The district administration in its action plan for ensuring double digit growth in each sector and also the district gross domestic product is expecting real estate and business to drive the district economy.
The action plan was drawn up after multiple iterations and presented to Chief Minister at a recent Collectors’ conference by Collector N. Yuvaraj.
The district administration has identified 44 growth engines for the district economy and expects services sector, including software services and real estate, to contribute 62.72 per cent to the projected Rs. 87,291-crore District GDP for the year 2015-16. Manufacturing sector is expected to contribute 28.74 per cent and agriculture and allied sectors to contribute a mere 8.54 per cent.
Growth of Housing and Real Estate Sector will act as a catalyst to the overall economic growth and can lead to a double digit GDP growth, the administration has noted.
The administration has identified specific issues that have been hindering the growth of each of these verticals and industries. For instance the main hurdles for construction sector are the environmental, airport and fire clearances.
Single window
The Collector has suggested a single window clearance to speed up the process and a skill development centre to meet labour deficiency.