Housing projects worth Rs 3.3 trillion stuck across India: PropEquity

Housing projects worth Rs 3.3 trillion stuck across India: PropEquity

Over 465,000 units, worth over $47 billion (Rs 3.3 lakh crore), are facing significant execution delays across major Indian cities due to sales slowdown, financial constraints facing developers and issues related to project approvals, says a PropEquity report. As many as 1,687 projects, comprising 4,65,555 units with a saleable area of nearly 600 million sq ft, are significantly behind delivery schedule ranging from 2-8 years, it said. According to the report, nearly 180,000 units valued at Rs 1.22 lakh crore are facing an uncertain future in the NCR region (Gurgaon, Noida, Greater Noida, Ghaziabad, Faridabad). Similarly, in the Mumbai Metropolitan Region (MMR), 105,000 units worth Rs 1.12 lakh crore are pending completion. MMR includes Mumbai, Navi Mumbai and Thane. In Kolkata and Hyderabad, only 15,552 units (worth Rs 61.75 billion) and 13,710 units (Rs 77.78 billion), respectively, are pending execution.

Read More at Business Standard News date : 9 Aug 2018, Thursday

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