Stalled Housing Projects in Uttar Pradesh: A Growing Concern for Homebuyers
Real estate data analytic firm PropEquity reveals that 378 housing projects with 1.46 lakh units are stalled in 5 major cities of Uttar Pradesh, including Noida and Greater Noida.
Real EstateStalled Housing ProjectsUttar PradeshPropequityHomebuyersReal Estate MumbaiSep 08, 2024
The data shows that Greater Noida has the maximum number of stalled projects, with 167 projects comprising 74,645 units. Noida follows closely with 103 stalled housing projects comprising 41,438 units, while Ghaziabad has 50 stalled projects with 15,278 units. Lucknow, the capital of Uttar Pradesh, also has a significant number of stalled projects, with 48 projects comprising 13,024 units. Agra, on the other hand, has only 10 stalled projects with 1,495 units.
The problem of stalled projects is not limited to Uttar Pradesh alone. PropEquity data shows that 1,981 residential projects are stalled across 42 cities, totaling 5.08 lakh units. Of these stalled projects, 1,636 projects totaling 4,31,946 units are in 14 tier I cities, while 345 projects with 76,256 units are in 28 tier II cities.
According to Samir Jasuja, founder and CEO of PropEquity, the main reasons for stalled projects are the lack of execution capabilities of developers, cash-flow mismanagement, and diversion of funds to buy new land banks or retire other loans.
PropEquity, a leading real estate data analytic firm, covers over 1.7 lakh projects of more than 57,000 developers across 44 cities in India. The company has recently launched a new business vertical called 'PropAlert', which provides regular updates to homebuyers about the progress of construction activities in housing projects.
Through this new service, PropEquity aims to safeguard the interests of homebuyers after purchasing under-construction properties. The company expects to generate a revenue of Rs 12 crore and gain subscribers upwards of 10,000 by September 2025.
PropEquity has posted a 29% growth in consolidated revenues at Rs 12.06 crore in the April-June period of this fiscal against Rs 9.3 crore in the same period last year.
Information
PropEquity is a leading real estate data analytic firm that provides data and insights to homebuyers, developers, and investors. The company is owned and operated by PE Analytics Ltd, which is listed on the NSE stock exchange.
PropEquity is a leading real estate data analytic firm that covers over 1.7 lakh projects of more than 57,000 developers across 44 cities in India. The company provides data and insights to homebuyers, developers, and investors, and has recently launched a new business vertical called 'PropAlert' to provide regular updates to homebuyers about the progress of construction activities in housing projects.
Frequently Asked Questions
How many housing projects are stalled in Uttar Pradesh?
According to PropEquity, 378 housing projects are stalled in Uttar Pradesh.
Which city has the maximum number of stalled projects in Uttar Pradesh?
Greater Noida has the maximum number of stalled projects, with 167 projects comprising 74,645 units.
What are the main reasons for stalled projects?
According to Samir Jasuja, founder and CEO of PropEquity, the main reasons for stalled projects are the lack of execution capabilities of developers, cash-flow mismanagement, and diversion of funds to buy new land banks or retire other loans.
What is PropAlert?
PropAlert is a new business vertical launched by PropEquity, which provides regular updates to homebuyers about the progress of construction activities in housing projects.
How much revenue does PropEquity expect to generate from PropAlert?
PropEquity expects to generate a revenue of Rs 12 crore and gain subscribers upwards of 10,000 by September 2025.
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