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Even as economy reopens, new projects continue decline; down 82% YoY in Sep

Value of new projects in September lower than in June which saw the worst of lockdown

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.Capital goods companies have expressed hopes of improvement over time.

Sachin P Mampatta Mumbai

3 min read Last Updated : Oct 02 2020 | 1:35 AM IST

The value of new projects continued to decline in the September quarter even as the country unlocked the economy in phases.

September quarter saw new projects worth Rs 0.59 trillion, down 81.9 per cent over the same period last year, according to the data from project tracker Centre for Monitoring Indian Economy (CMIE). This is also 14.5 per cent lower than the June quarter’s Rs 0.69 trillion.

The country had announced lockdown in March to control the Covid-19 pandemic. The unlocking began on June 8.

Completed projects saw an improvement of 29.2 per cent over the June quarter, which valued at Rs 0.31

Topics : Coronavirus Real Estate housing projects New project announcements

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