Gujarat Real Estate Project Registered 2017–2023

 

Introduction:

The bustling state of Gujarat, located on India’s western coast, has long been a hub of economic activity and growth. Amidst its thriving industries, the construction sector holds a significant place, contributing to the state’s rapid urbanization and development. To shed light on this dynamic landscape, the Gujarat government releases a quarterly dataset encompassing an array of construction and development projects. This dataset acts as a compass, guiding stakeholders, researchers, and investors through the ever-evolving construction terrain in Gujarat.
As we embark on this data-driven journey, we’ll navigate through the intricacies of the “Construction Projects in Gujarat (Quarterly Update)” dataset. The dataset not only provides a comprehensive list of sanctioned projects but also serves as a vital indicator of the region’s construction market health. In this medium article, we’ll explore the significance of this dataset, its key components, and the insights it holds for various stakeholders.

Data:

Gujarat Real Estate Project Registered 2017-2023

Construction Projects registered under GujRERA after September-2017

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Dataset Description: Construction Projects in Gujarat (Quarterly Update)

This dataset provides a comprehensive list of construction and development projects sanctioned and overseen by the Gujarat government. Released on a quarterly basis, it serves as a key indicator of the growth and development of the construction market in the state of Gujarat, India. Stakeholders, researchers, and investors can leverage this data to gain insights into the evolving construction landscape in the region.

Key Columns:

Project Identifier & Details:

1. projectName: The official name of the construction project.

Dates & Timelines:

2. approvedOn: The date on which the project received official approval.
3. startDate: The official commencement date of the project.
4. endDate: The projected completion date for the construction.
5. projOrgFDate: The original planned finish date for the project.
6. extDate: Potentially indicates extensions or modifications to the project timeline.

Project Details & Type:

7. projectType: Categorizes the type of construction, such as “Mixed Development”, “Commercial”, etc.
8. project_address: Provides the precise location or address of the project.
9. districtName & districtType: Specifies the district where the project is underway, and its categorization.

Financials:

10. projectCost: An estimate of the total cost involved in the project.
11. **total_est_cost_of_proj: **The overall estimated expenditure for the project.
12. project_cost: Another column indicating the cost or budget allocated for the project.

Usage:

The data is made publicly available by the Gujarat government as a part of their transparency initiatives. Analysts, researchers, and businesses can scrape this dataset every quarter to stay updated on the construction industry’s growth trajectory in Gujarat. By analyzing the type, cost, and number of projects, stakeholders can derive valuable insights into market trends, investment opportunities, and regional development patterns.

Exploratory Data Analysis (EDA):

Importing the required libraries:

 Reading the data:

Data Visualization and Inference:

Project Approval Trends:

In the dynamic realm of real estate, project approvals play a pivotal role, shaping the trajectory of development. In this analysis, we delve into Gujarat’s real estate landscape, aiming to uncover compelling insights from project approval patterns. By scrutinizing yearly approved project data from 2017 to 2023, we pinpoint peaks, troughs, and underlying influences, shedding light on the pulse of the Gujarat real estate market. Join us on this journey as we decode the stories behind the numbers.

Interpretation:

From the data presented in the chart:

• In 2018, there was a significant spike in the number of projects approved, reaching around 3,343 projects.
• 2019 saw a decrease in the number of approvals compared to 2018, with around 1,975 projects approved.
• The number of approvals dipped further in 2020 to approximately 1,296 projects.
• In 2021, there was a slight increase in approvals to about 1,794 projects.
• By 2022, the number of approved projects dropped significantly to only 311.
• The year 2023 shows a substantial decrease in the number of approvals, with only 16 projects approved.

The peak in 2018 might suggest a burst of development activity, possibly influenced by economic factors or policy changes. Subsequent years show variations, possibly reflecting changes in market conditions, regulatory environments, or other external influences. The sharp drop in 2023 may indicate a shift in focus or significant changes affecting the real estate sector in Gujarat.

Project Type Distribution:

In the world of real estate, every structure tells a story. From homes to offices, each project type adds a unique hue to the urban canvas. In our exploration of Gujarat’s real estate scene, we turn our focus to project types.

Interpretation:

• “Residential/Group Housing” is the most common project type with 4,736 projects.
• “Mixed Development” follows closely with 3,303 projects.
• “Commercial” projects are the next most common, totaling 1,528.
• “Plotted Development” is the least common project type, with 328 projects.

This distribution sheds light on the prevalence of each project type in the dataset, indicating a greater focus on residential and mixed-use developments compared to commercial and plotted projects.

Interpretation:

• “Residential/Group Housing” constitutes the largest portion, representing the majority of projects.
• “Mixed Development” holds a significant share, but slightly smaller than residential.
• “Commercial” projects make up a notable but smaller portion.
• “Plotted Development” represents the smallest fraction of the projects.

This pie chart underscores the dominance of residential and mixed-use projects while illustrating the relative sizes of the different project types.

Construction Timelines Overview:

In the realm of real estate, timing matters. We’re diving into Gujarat’s real estate scene, focusing on the crucial period from project approval to actual construction. By crunching numbers, we’ll uncover how long it takes for projects to kick off after the green light. Are there delays or improvements in recent years? Let’s decipher the clockwork behind Gujarat’s construction journey.

Interpretation:

The bar chart illustrates the average time it takes for projects in Gujarat to commence after receiving approval. Here’s what we can infer:

• In 2017, the average time to start a project after approval was approximately 653 days.
• This duration increased slightly in 2018 to around 704 days.
• A significant reduction occurred in 2019, with the average time decreasing to about 295 days.
• The trend continued in 2020, where the average time further dropped to around 219 days.
• 2021 saw a minor decrease, with the average time reaching approximately 208 days.
• In 2022, the average time increased to about 285 days.
• However, there was a notable uptick in 2023, with the average time rising to approximately 602 days.

This data suggests fluctuations in project initiation timelines over the years. The substantial drop in 2019 and 2020 may indicate streamlining of processes, while the increase in 2023 might be influenced by changing external factors or industry conditions.

Project Duration Distribution:

In the realm of real estate, time is a story waiting to be told. We explore Gujarat’s projects through their durations, visualizing with histograms. Are most projects completed within a specific timeframe? Let’s discover the tales woven by time in Gujarat’s real estate landscape.

Interpretation:

The histogram visually represents the distribution of project durations in days. Each bar corresponds to a range of days, and the height of the bar indicates the number of projects falling within that range. Here’s what we can deduce from the data:

• The majority of projects seem to have durations clustered in the lower range. This is evident from the tall bars in the leftmost part of the histogram.
• A significant number of projects have durations around 0 to 100 days, which suggests relatively quick completion times.
• As the duration range increases, the frequency of projects generally decreases. This is evident as the bars become shorter as you move to the right side of the histogram.
• There are some projects with notably longer durations, reaching up to several thousand days. These are the less frequent outliers that contribute to the right tail of the histogram.
• This implies the concerned data is right (positively) skewed.
• The overall shape of the histogram indicates that while most projects tend to be completed relatively quickly, there is a small percentage of projects that have much longer durations.

Comparing Project Types and Costs:

In the dynamic world of real estate, every project type carries its own financial weight. Welcome to Gujarat’s real estate realm, where we dive into the nexus of “project type” and “total estimated cost.” Through average cost calculations, we aim to uncover whether specific project types consistently command higher budgets. Join us as we decode the cost nuances, revealing the financial tapestry woven by Gujarat’s diverse architectural aspirations.

Comparing District types:

Amid Gujarat’s real estate landscape lies a tale of district diversity and financial dynamics. Step into the realm of “district types” and their financial footprints. By calculating average project costs across districts, we uncover whether certain types tend to carry higher price tags. This analysis peels back the layers of costs, revealing the financial stories woven across Gujarat’s varied geographies.