Stuck Housing Projects of $66 Billion Weighing Down India Realty
A pedestrian walks past residential buildings under construction in Noida, Uttar Pradesh, India.
Photographer: Anindito Mukherjee/BloombergThis article is for subscribers only.
India’s property market won’t recover meaningfully unless developers find solutions to 4.64 trillion rupees ($66.3 billion) worth of housing projects that have been stranded for years, according Anarock Property Consultants.
The Indian residential property market has been battling a slowdown this decade and despite several government reforms including a new consumer protection law and a nationwide sales tax, buyers have stayed away as questions remain over the future of stalled and delayed projects.