Uttar Pradesh's Housing Crisis: 378 Projects Stalled in 5 Cities
Real estate projects in Uttar Pradesh have come to a grinding halt, with 378 stalled housing projects across 5 cities, including Noida and Greater Noida.
Real EstateUttar PradeshNoidaGreater NoidaGhaziabadLucknowAgraPropequityStalled ProjectsHomebuyersReal EstateSep 08, 2024
The data showed that Greater Noida has the highest number of stalled projects, with 167 projects comprising 74,645 units. Noida is a close second, with 103 stalled housing projects comprising 41,438 units. Ghaziabad, another important property market in the Delhi-NCR, has 50 stalled projects with 15,278 units.
Lucknow, the capital of Uttar Pradesh, also has a significant number of stalled projects, with 48 stalled housing projects comprising 13,024 units. Agra, on the other hand, has 10 stalled projects with only 1,495 units.
The problem of stalled projects is not limited to Uttar Pradesh alone. According to PropEquity, 1,981 residential projects are stalled across 42 cities, totalling 5.08 lakh units. Of these, 1,636 projects totalling 4,31,946 units are in 14 tier I cities, while 345 projects with 76,256 units are in 28 tier II cities.
Samir Jasuja, founder and CEO of PropEquity, attributed the problem of stalled projects to the lack of execution capabilities of developers, cash-flow mismanagement, and diversion of funds to buy new land banks or retire other loans.
PropEquity, which covers over 1.7 lakh projects of more than 57,000 developers across 44 cities in India, has recently started a new business vertical 'PropAlert' to provide regular updates to homebuyers about the progress of construction activities in housing projects.
Through this new service, PropEquity seeks 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 per cent 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.
About PropEquity
PropEquity is a real estate data analytics firm that provides comprehensive data and insights on the Indian real estate market. The company is owned and operated by PE Analytics Ltd, which is listed on the NSE stock exchange.
Information
The Indian real estate sector has been facing a slowdown in recent years, with many projects stalled due to various reasons. The problem of stalled projects has been particularly acute in Uttar Pradesh, with many homebuyers left in the lurch.
PropEquity is a leading provider of real estate data and analytics in India. The company's data and insights are used by developers, investors, and homebuyers to make informed decisions in the real estate market.
Frequently Asked Questions
How many housing projects are stalled in Uttar Pradesh?
According to PropEquity, 378 housing projects are stalled in Uttar Pradesh, comprising nearly 1.46 lakh units.
Which city has the highest number of stalled projects in Uttar Pradesh?
Greater Noida has the highest number of stalled projects, with 167 projects comprising 74,645 units.
What is the main reason for stalled projects in Uttar Pradesh?
According to Samir Jasuja, founder and CEO of PropEquity, the main reason for stalled projects is 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 PropEquity's new business vertical 'PropAlert'?
PropAlert is a new service launched by PropEquity to provide regular updates to homebuyers about the progress of construction activities in housing projects.
How many subscribers does PropEquity expect to gain through PropAlert by September 2025?
PropEquity expects to gain subscribers upwards of 10,000 by September 2025 through PropAlert.
Tags:
Related News Articles
Essex Property Trust: A Strong Bet in the Real Estate Market
With operational strength and a solid track record, Essex Property Trust is poised for continued success in the competitive real estate market.
Kangana Ranaut Puts Her Luxurious Mumbai Bungalow on the Market
Bollywood star Kangana Ranaut is selling her opulent Pali Hills bungalow for a whopping Rs. 40 cr. What's next for this talented actress and politician?
Selena Gomez Joins Billionaire Club with Estimated Net Worth of ₹10,918 Crore
The actress and entrepreneur's wealth comes from her successful beauty brand, Rare Beauty, as well as other ventures such as music album sales, real estate investments, and mental health startup Wondermind.
Punjab Launches Real Estate Clearance Camp to Boost Sector Development
The Punjab Housing and Urban Development Department has launched its first-ever real estate clearance camp, addressing pending matters and issuing essential certificates to 51 colonizers. Minister Hardeep Singh Mundian emphasized the camp's role in resolv
Chhatrapati Sambhajinagar: Major Drug Bust Net Worth ₹10 Lakh
In a significant crackdown against drug trafficking, police in Chhatrapati Sambhajinagar have seized drugs worth ₹10 lakh. The operation has sent a strong message to the underworld, vowing to continue stringent actions against illegal activities.
Supreme Court Ruling: No Possession Without Clearance Certificates in Real Estate
The Supreme Court has ruled that real estate developers are forbidden from handing over possession of flats without obtaining the necessary completion and firefighting clearance certificates.