Nearly 2,000 housing projects stalled across 42 cities: PropEquity
Nearly 2,000 housing projects comprising 5.08 lakh units are stalled across 42 cities in the country, mainly due to financial mismanagement by developers and lack of execution capabilities, according to data analytic firm PropEquity.
As per the PropEquity data, there are 1,981 residential projects that are stalled 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 totalling 76,256 units are in 28 tier II cities.
It also pointed out that the number of stalled units rose to 5,08,202 from 4,65,555 units in 2018.
Samir Jasuja, Founder and CEO at PropEquity said, "The problem of stalled projects and the subsequent rise 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."
He stressed on the need to provide independent third-party audit services for homebuyers to empower them to make an informe
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