Nearly 2,000 housing projects across 42 Indian cities are currently stalled impacting around 508,000 housing units indicating challenges to the real estate sector, according to a report of Proequity, a real estate data and analytics firm, on Monday, August 26.
The report said that 1,998 housing projects are stalled across various cities, affecting a substantial number of residential units and majority of these stalled projects are located in metropolitan regions, where demand for housing is typically high.
Several factors contribute to the stalling of these housing projects. Key issues include financial constraints faced by developers, regulatory hurdles, land acquisition challenges, and delays in obtaining necessary approvals. Additionally, the ongoing economic uncertainties have further strained the real estate sector, the report said.
The report highlighted the broader challenges within the real estate sector, including liquidity issues, high levels of unsold inventory, and the need for improved regulatory frameworks to ensure timely completion of projects.