A recent analysis by PropEquity reveals that one in five homes currently under construction in India has stalled over the past eight years. Mumbai tops the list with 234 stalled projects, the highest number among all cities.
The freeze in development has affected more than 5,00,000 housing units across the country. The analysis shows that even the ongoing construction of the remaining homes has faced significant delays, with completion often pushed back by three to four years.
City-level data shows that 1,981 projects from 44 cities have halted over the past eight years. This has impacted both purchasers and real estate developers. By July 2024, stalled units had risen to 508,202. This is a 9 percent increase from 4,65,555 units in 2018.
The report provides a detailed breakdown of stalled projects across various cities. In 14 Tier-I cities, a total of 1,636 projects, accounting for 431,946 units, have come to a standstill. Meanwhile, in 28 Tier-II cities, 345 projects involving 76,256 units have stalled.
Bengaluru is second with 225 blocked projects. Among Tier-I cities, Greater Noida is the most affected, with 74,645 stalled units spread over 167 projects. This represents 17 percent of all stalled units in Tier-I cities across India.
In Tier-II cities, Bhiwadi is the most affected location, with 13,393 stalled units spread over 33 projects. This accounts for 18 percent of stalled units in this category.
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