Stalled Housing Projects Surge in Uttar Pradesh

PropEquity reports that 378 housing projects comprising nearly 1.46 lakh units are stalled across five major property markets in Uttar Pradesh. Greater Noida leads with 167 stalled projects. This issue arises from inefficient execution, cash-flow mismanagement, and fund diversion. PropEquity's new service 'PropAlert' aims to update homebuyers on project progress.

Five major property markets in Uttar Pradesh, including Noida and Greater Noida, face challenges with 378 stalled housing projects, according to a report by PropEquity.

PropEquity's data reveals that these projects comprise a staggering 1.46 lakh units. Greater Noida tops the list with 167 stalled projects.

The issue stems from developers' lack of execution capabilities, cash-flow mismanagement, and diversion of funds to new ventures, as highlighted by PropEquity founder and CEO, Samir Jasuja.

Noida, Greater Noida, and Ghaziabad are key property markets in the Delhi-NCR region, all witnessing significant stalling in housing projects. Noida alone has 103 stalled projects with 41,438 units.

To address homebuyers' concerns, PropEquity has launched a new service, 'PropAlert,' to provide regular updates on construction activities. This move aims to safeguard the interests of homebuyers who have invested in under-construction properties.

PE Analytics Ltd, the parent company of PropEquity, aims to generate Rs 12 crore in revenue and achieve over 10,000 subscribers for 'PropAlert' by September 2025. The company also reported a 29% growth in consolidated revenues in the April-June period of this fiscal year, reaching Rs 12.06 crore.

(With inputs from agencies.)