A sobering report by PropEquity reveals a severe crisis in India’s housing sector, with nearly half a million residential units stalled across 44 cities. The data underscores a systemic issue plaguing the real estate landscape, with financial mismanagement and execution challenges cited as primary culprits behind these delays.
Greater Noida emerges as the epicenter of this crisis, boasting the highest number of stalled housing units. Other major metropolitan areas, including Gurugram and Noida, also grapple with significant project delays. This situation has far-reaching implications, impacting not only homebuyers who find themselves trapped in prolonged waiting periods but also the overall health of the real estate market.
The report serves as a stark reminder of the pressing need for robust regulatory oversight and supportive measures to revive these stalled projects. Without decisive intervention, the consequences could be severe, including erosion of buyer confidence, economic slowdown, and potential social unrest.
To restore stability and credibility to the sector, policymakers must prioritize the completion of these stalled projects, facilitating the delivery of homes to anxious buyers and preventing further deterioration of the market.
