The way developers misused funds resulted in stagnation of projects
More than 500,000 units are among these
Greater Noida at the top of the list
44 cities.. 2,000 projects
Prop Equity report reveals
Across 44 cities in the country, nearly 2,000 projects have been stalled. These include over 500,000 units. According to the latest report by data analysis firm Prop Equity, the main reasons for this stagnation are the lack of financial discipline among developers, misuse of funds, and a shortage of resources.
Among Tier-1 cities, Greater Noida has the highest stagnation rate with 17% (74,645 units in 167 projects), followed by Thane with 13% (57,520 units in 186 projects), and Gurgaon with 12% (52,509 units in 158 projects). Mumbai ranks first for stalled projects with 37,883 units in 234 projects, followed by Bangalore with 39,908 units in 225 projects, and Thane (186 projects).
Kolkata (24,174 units in 82 projects), Chennai (21,867 units in 92 projects), Hyderabad (6,169 units in 25 projects), and Pune (24,129 units in 172 projects) are also on the list of stalled projects. According to city-wise data released on August 15, the number of stalled units has increased to 508,000, up by 9% compared to 465,000 units in 2018.
Overall, in 14 Tier-1 cities, there are 431,946 units across 1,636 projects, while in 28 Tier-2 cities, there are 76,256 units across 345 projects. In Tier-2 cities, Bhiwadi has the highest rate with 18% (13,393 units in 33 projects), followed by Lucknow with 17% (13,024 units in 48 projects), and Jaipur with 13% (9,862 units in 37 projects). Cities like Visakhapatnam and Vijayawada are also included among the Tier-2 cities.
