As many as 378 housing projects stalled in 5 UP cities: PropEquity
New Delhi: Five major property markets in Uttar Pradesh, including Noida and Greater Noida, have 378 stalled housing projects, comprising nearly 1.46 lakh units, according to PropEquity. As per the data, Greater Noida has 167 stalled projects with 74,645 units.
Noida has 103 stalled housing projects comprising 41,438 units, while Ghaziabad witnessing 50 stalled projects with 15,278 units. Noida, Greater Noida and Ghaziabad are important property markets in the Delhi-NCR.
Lucknow, the capital of Uttar Pradesh, too has 48 stalled housing projects comprising 13,024 units. Agra property market has 10 stalled projects with only 1,495 units.
Overall, PropEquity data showed that 1,981 residential projects are stalled across 42 cities, totalling 5.08 lakh units.
Of these stalled projects, as many as 1,636 projects totalling 4,31,946 units are in 14 tier I cities, while 345 projects with 76,256 units are in 28 tier II cities.
PropEquity founder and CEO Samir Jasuja pointed out that the problem of stalled projects is due to the lack of execution capabilities of developers, cash-flow mismanagement and diversion of funds to buy new land banks or retire other loans. PTI
Ultra-luxury home sales remain strong in 2024
Mumbai: Despite rising property prices, the sale of ultra-luxury home, those priced over Rs 40 crore, has continued to thrive in 2024, ANAROCK observed in a recent report.
As per the report, the average ticket price of homes priced above Rs 40 crore has witnessed a 2 per cent rise in the last 8 months — from Rs 1,00,208 per sq. ft. in 2023 to Rs 1,02,458 per sq. ft. in August 2024 According to the observation, a total of 25 such homes were sold across Mumbai, Hyderabad, Gurugram, and Bengaluru in the first eight months of the year, generating a collective sales value of approximately Rs 2,443 crore.
In contrast, cities like Pune, Chennai, and Kolkata witnessed no sales in this exclusive price bracket.
Mumbai continues to be the most active market for ultra-luxury homes, recording 21 of the 25 sales in 2024, valued at Rs 2,200 crore--an impressive 84 per cent share of all deals in this segment.
