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

The post Housing Crisis in India: Over 1,600 Projects Stalled Affecting 5 Lakh Families appeared first on Square Feat India.

By Varun Singh

In a report released by PropEquity, a real estate data, research and analytics firm, the luxury housing segment in India has seen its share rise to 12% in supply of all housing units in tier 1 cities in the second quarter of 2022.

The share of the luxury segment in supply pan India was 8% in Q2 2021. Mumbai is ranked number one in terms of luxury sales and supply in the second quarter of 2022 followed by Hyderabad.

Affordable Segment had a share of 63% in overall supply in Q2 2022 across all Tier 1 Cities while Mid Segment had a share of 26% in overall supply.

Q2 2022 saw a total supply of 77,941 units, out of which the largest share was of the affordable segment of about 48,993 units, followed by mid-segment share of 19,910 units and share of luxury units being 9,132 units.

In terms of sales, Q2-2022 saw a total sales of 1,02,311 units, out of which the largest share was of affordable segment of about 64% (65,173 units), followed by mid-segment share of 25% (26,484 units) and share of luxury units being 10% (10,654 units).

“In the last one year we have been witnessing a revival of luxury housing across top cities in India and this trend will continue to grow in the coming quarters. Demand for affordable housing in top metros are being in ways replaced by mid-segment and luxury housing as higher disposable income of nuclear families are looking for properties with premium amenities, larger built up area and in a well-developed location,” Samir Jasuja, Founder and Managing Director at PropEquity said.

“Luxury housing in the country has remained resilient during the last two years and now is witnessing an uptick with new launches and rightly located projects being sold out in a few weeks. We believe projects by branded and fundamentally strong developers would continue to witness strong demand even with inflationary roadblocks,” Abhishiekh Andlay, Founder of Andlay Estates said.

For affordable housing, Thane was the best city in terms of supply and sales and for mid-segment Hyderabad led the ranking for sales and Mumbai for supply.

Also Read: Godrej Properties acquires land for a luxury residential project at Carmichael Road

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