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Global financial crisis really hits property market in India

Posted on 09 October 2008

From WSJ: The global credit crisis is starting to squeeze India, threatening in particular a hallmark of its new middle class: the property market. Property prices have been dropping, mortgage rates rising and consumers turning cautious.

In this climate, and during a big festival season, some developers are anxiously dangling inducements before would-be buyers, from free parking and jewelry vouchers, to a new BMW for the purchase of a luxury flat selling for some $600,000. Yet, even the free cars aren’t driving sales….. Full Article: Source


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Laxman - who has written 28515 posts on Opalesque Real Estate Briefing.


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