The outlook for the real estate or rather property sector in the country is more or less like this. The ballads of which are continuously read by developers. The special thing is that out of these, around 1.5 lakh flats have come up in just 5 cities of UP. Which also includes Noida Greater and Lucknow. In fact, this information has been provided by the real estate data analytics company PropEquity. We will also tell you what kind of figures PropEquity has given in its report.
1.46 lakh flats in five cities of UP
378 housing projects are stalled in five major cities of Uttar Pradesh, including Noida and Greater Noida. There are 1.46 lakh flats in these projects. According to data from real estate data analytics firm PropEquity, 378 residential projects comprising 1,45,880 flats are stalled in Uttar Pradesh’s Noida, Greater Noida, Ghaziabad, Lucknow and Agra. This number is said to be much higher. So far, the work on these flats is yet to be completed.
Where and how many floors are there?
According to the data, 167 projects comprising 74,645 units are completely stalled in Greater Noida. Noida has 103 stalled residential projects comprising 41,438 units, while Ghaziabad has 50 stalled projects comprising 15,278 units. Noida, Greater Noida and Ghaziabad are major real estate markets in Delhi-NCR. Even in Lucknow, the capital of Uttar Pradesh, 48 residential projects comprising 13,024 flats are stalled. In Agra, 10 projects involving 1,495 units are stuck.
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5 lakh flats trapped in 42 cities
If we talk about the entire country, as per the report, around 2,000 projects are stalled. According to PropEquity data, a total of 1,981 residential projects in 42 cities are stalled. This includes a total of 5.08 lakh apartments. This figure is not less than any angle. Thousands of home buyers are very upset over the stagnation of these projects. Those who have given the money earned for their car and have not even been able to get their house.
What are the reasons?
Sameer Jasuja, Founder and CEO of PropEquity, said the problem of stalled projects is due to the lack of capacity of developers to complete the projects, poor cash flow management and use of funds to buy new land or repay other loans. This is the reason why hundreds of projects and thousands of flats are stuck in these 42 cities.
