378 Stalled Housing Projects in 5 UP Cities: PropEquity

New Delhi, Sep 8 (PTI) Five major property markets in Uttar Pradesh, including Noida and Greater Noida, have 378 stalled housing projects, comprising nearly 1.46 lakh units, according to PropEquity.

Real estate data analytic firm PropEquity data showed that as many as 378 housing projects comprising 1,45,880 units are stalled across Noida, Greater Noida, Ghaziabad, Lucknow and Agra in Uttar Pradesh.

As per the data, Greater Noida has 167 stalled projects with 74,645 units.

Noida has 103 stalled housing projects comprising 41,438 units, while Ghaziabad witnessing 50 stalled projects with 15,278 units.

Noida, Greater Noida and Ghaziabad are important property markets in the Delhi-NCR.

Lucknow -- the capital of Uttar Pradesh -- too has 48 stalled housing projects comprising 13,024 units.

Agra property market has 10 stalled projects with only 1,495 units.

Overall, PropEquity data showed that 1,981 residential projects are stalled across 42 cities, totalling 5.08 lakh units.

Of these stalled projects, as many as 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.

PropEquity founder and CEO Samir Jasuja pointed out that the problem of stalled projects is due to the lack of execution capabilities of developers, cash-flow mismanagement and diversion of funds to buy new land banks or retire other loans.

PE Analytics Ltd, which is listed on the NSE stock exchange, owns and operates PropEquity, which covers over 1.7 lakh projects of more than 57,000 developers across 44 cities in India.

Recently, PropEquity has 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.

In this new vertical, PropEquity 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.