Not houses…actually the dreams of 5.08 lakh people are stuck

The biggest dream of a common man is to buy his own house and to fulfil it, he spends his entire life's earnings. But when the house project is not completed due to the fault of a builder or the delivery of the project is stopped due to a legal matter, then in reality, not only the house gets stuck but the dreams of so many people also get stuck.

Similarly, the dream of owning a house for 5.08 lakh people in 42 cities of the country is stuck because the approximately 2000 projects that were supposed to fulfill these dreams have been stalled. A new report has also come in this regard.

PropEquity report revealed

According to a report by PropEquity, a company that analyzes property market data, projects in 42 cities of the country have not been completed due to poor money management of real estate developers and their lack of ability to complete the project. According to the company's report, a total of 1,981 residential projects are stalled. The total number of houses in these is 5.08 lakh.

From metro cities to small towns, the situation is bad

According to the report of PropEquity, out of the projects that are stuck, 1,636 projects are from 14 cities of the country's tier-1 category. Of these, the delivery of 4,31,946 houses is stuck. 

9:57 AM 8/16/2024 While 345 projects are in 28 cities of the tier-2 category. Of these, 76,256 units are stuck. Now the actual number of stuck houses has become 5,08,202, which was 4,65,555 units in the year 2018.

Sameer Jasuja, Founder and CEO of PropEquity, says that the major reason for the problem of stalled projects and the subsequent slowdown in their growth is the inability of developers to complete the projects and bad management of cash flow.