According to a recent report by PropEquity, Uttar Pradesh’s key property markets, including Noida, Greater Noida, Ghaziabad, Lucknow, and Agra, are facing significant challenges with stalled housing projects. The analysis reveals that a total of 378 housing projects, encompassing approximately 1.46 lakh units, are currently halted across these cities.
The data highlights that Greater Noida is experiencing the highest number of stalled projects, with 167 projects representing 74,645 units. Noida follows with 103 stalled projects, amounting to 41,438 units. Ghaziabad has 50 projects on hold, involving 15,278 units. Lucknow, the state capital, reports 48 stalled projects with 13,024 units, while Agra has 10 stalled projects with 1,495 units. These cities are crucial to the Delhi-NCR real estate market, which has been significantly impacted by the delays. The problem is widespread, with a total of 1,981 stalled residential projects across 42 cities, totalling 5.08 lakh units. Of these, 1,636 projects are concentrated in 14 tier-I cities, amounting to 4,31,946 units, while 345 projects in 28 tier-II cities account for 76,256 units.
PropEquity’s founder and CEO attributed the issue to several factors, including the developers’ lack of execution capabilities, cash-flow mismanagement, and the diversion of funds towards acquiring new land or settling existing debts. To address these concerns, PropEquity has launched a new business vertical, ‘PropAlert,’ designed to provide homebuyers with regular updates on the progress of construction activities. This initiative aims to protect the interests of homebuyers and is projected to generate ₹12 crore in revenue, with an expected subscriber base of over 10,000 by September 2025. In recent financial performance, PropEquity reported a 29% increase in consolidated revenues, reaching ₹12.06 crore for the April-June period of the current fiscal year, up from ₹9.3 crore during the same period last year.
