Ahmedabad, Thursday, 29 March 2012: Ahmedabad district tops the chart for highest number of non-performing asset (NPA) properties with Rs. 547.64 crore 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 Pvt. Ltd.
The recent study has 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% 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. There are 30 residential properties in Ahmedabad district valued at Rs. 19.54 crore.
According to the study, Surat comes second 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.
Commenting on the findings of the study done by
NPAsource.com, Mr. 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. 737 crore spread across 132 units accounted for a majority of the total NPA properties. Land worth Rs. 181 crore spread across 90 blocks of land and 121 residential units valued at Rs. 38 crore 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. 19.54 crore in 30 units, followed by Rs. 6.67 crore NPA properties in Surat and Rs. 4.58 crore NPA properties in Vadodara.
NPASource.com is a path breaking approach towards management of NPAs and their subsequent reduction, thereby unlocking tremendous values for the benefit of lenders, borrowers and investors as a whole. It provides comprehensive access on NPA data to various stakeholders.
The portal has been set up by Atishya Technologies Private Limited, part of the Atishya Group. The group is an established player in the areas of financial, commercial, marketing, corporate management, business management, loan syndication and legal consultancy on financial matters and also prepares techno-economic feasibility studies and project reports for corporates.
While dealing with lenders, borrowers and prospective investors in the cases concerning sick units and revival thereof, the Group’s top management realized the need for creating a system that would provide access to all data related to NPAs in a transparent and efficient manner. So, the Group began to work on this concept and it resulted in the creation of NPAsource.com.