In a troubling development for the Indian real estate market, over 1,600 housing projects have been stalled across the country, leaving more than 5 lakh families in limbo. This crisis has impacted a staggering 511,814 housing units, highlighting a significant issue in the sector.

Breakdown of Stalled Projects Across Major Cities

Tier I Cities:

• Greater Noida: 74,645 units
• Gurugram: 158 projects, 52,509 units
• Noida: 103 projects, 41,438 units
• Ghaziabad: 50 projects, 15,278 units
• Faridabad: 16 projects, 7,060 units
• New Delhi: 1 project, 900 units
• Mumbai: 234 projects, 37,883 units
• Navi Mumbai: 125 projects, 28,466 units
• Thane: 186 projects, 57,520 units
• Pune: 172 projects, 24,129 units
• Bengaluru: 225 projects, 39,908 units
• Kolkata: 82 projects, 24,174 units
• Chennai: 92 projects, 21,867 units
• Hyderabad: 25 projects, 6,169 units

Total for Tier I Cities:

• Projects: 1,573
• Units: 468,035

Tier II Cities:

• Bhiwadi: 13,393 units
• Lucknow: 13,024 units
• Jaipur: 9,862 units
• Bhopal: 7,500 units

Total for Tier II Cities:

• Projects: 109
• Units: 43,779

Grand Total Nationwide:

• Projects: 1,682
• Units: 511,814

The data, sourced from PropEquity, underscores the urgent need for intervention to address the stalled projects and help restore progress in the housing sector.

Also Read: MHADA to Host Webinar on August 19th to Guide Applicants for Mumbai Housing Lottery

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Delhi-NCR remained one of the most vibrant residential markets among the top 7 cities in 2023. Despite robust sales in the region last year, developers throttled back new supply to support the liquidation of previous unsold stock, leading to a significant reduction in market inventory.

Latest ANAROCK Research data shows the region winding up 2023 on a very upbeat note. There was a 23% yearly decline in Delhi-NCR’s unsold inventory – from approx. 1,23,692 units by 2022-end to approx. 94,803 units by 2023-end. This is the highest annual decline of unsold housing stock among the top 7 cities. NCR’s unsold stock is currently at a decadal low, sinking below one lakh units for the first time in the last ten years.

Santhosh Kumar, Vice Chairman – ANAROCK Group, says, “Delhi-NCR witnessed approx. 36,735 units launched in 2023, and robust housing sales of approx. 65,625 units. Developers continue to consciously restrict new supply in the region so that they can remain focused on project completions and thus reduce their previous unsold stock. The current unsold stock in the region is way below the other realty hotspot MMR, where the available stock has risen to more than 2 lakh units.”

“NCR’s inventory has also reached below other top cities, including Pune and Hyderabad,” he adds. “This is remarkable, considering that NCR historically had one of the highest unsold stock burdens among the top 7 cities.”

Source: ANAROCK Research

Unsold Inventory – City-wise Breakup

Source: ANAROCK Research

NCR saw its unsold stock reduce from approx. 1.24 lakh units by 2022-end to approx. 94,803 units by 2023-end.

• Of the total unsold inventory in NCR, Gurugram currently has the maximum stock of around 37,575 units, nevertheless marking a 27% annual decrease. Back in 2022-end, the city’s unsold stock stood at approx. 51,312 units.
• Greater Noida comes next with approx. 18,825 units unsold by 2023-end, against approx. 26,096 units back in 2022-end. Greater Noida was able to reduce its stock by 28% on a yearly basis.
• Ghaziabad saw its unsold stock decline to approx. 12,546 units by 2023-end from 15,475 units by 2022-end – a 19% yearly decline.
• Noida had unsold stock of approx. 8,658 units by 2023-end, against approx. 10,171 units a year ago – thus reducing by 15% yearly.
• Delhi, Faridabad and Bhiwadi together had approx. 17,199 unsold units by 2023-end. The tally was approx. 20,638 units a year ago, thus reducing by 17%.

Also Read: Institutional investments in Indian real estate maintain steady momentum at USD5.4 Bn; inching towards pre-pandemic levels

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