The biggest dream of a common man is to buy his own house and to achieve that he spends all his life’s earnings. But when the house project is not completed due to lack of a builder or the delivery of the project is stopped due to legal issues, then actually it is not only the house that gets stuck but the dreams of many people also get stuck.
Similarly, the dream of 5.08 lakh people in 42 cities of the country is at a standstill as the 2,000 projects that were supposed to fulfil these dreams are stalled. A new report has also come in this regard.
Revealed in PropEquity report
According to a report by PropEquity, a real estate data analytics firm, projects have not been completed in 42 cities in the country due to poor money management by real estate developers and lack of capacity to complete projects. According to the firm’s report, a total of 1,981 residential projects are at a standstill. The total number of houses in them is 5.08 lakh.
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Poor condition from the metropolitan city to small towns.
According to PropEquity’s report, out of the stalled projects, 1,636 projects are from 14 Tier-1 cities in the country. Of these, the delivery of 4,31,946 houses is stalled. While 345 projects are in 28 Tier-2 cities, out of them 76,256 units are stalled. The actual number of stalled houses has reached 5,08,202, as against 4,65,555 units in the year 2018.
Sameer Jasuja, Founder and CEO of PropEquity, says the main reason for the problem of stalled projects and their subsequent lack of growth is the inability of developers to complete their projects and poor cash flow management.
