Nearly 2,000 Housing Projects Stalled in India

According to data from PropEquity, nearly 2,000 housing projects, totaling 5.08 lakh units, are currently stalled across 42 cities in India, primarily due to financial mismanagement and execution failures by developers. The number of stalled units has increased from 4,65,555 in 2018. Samir Jasuja, CEO of PropEquity, emphasizes the need for independent third-party audits to help homebuyers assess developers' capabilities to complete projects on time. In response to the crisis, the government launched the Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund in November 2019, which aims to deliver 20,000 homes annually for the next three years. The majority of stalled projects are concentrated in tier I cities, with Greater Noida and Gurugram having significant numbers of stuck units. The ongoing issues highlight a critical need for better financial oversight in the real estate sector.