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India: Why are home prices stubbornly high despite slumping demand?

Posted on 25 June 2012

Reserve Bank data shows housing loan growth slowed to 12.1% for the year ended March 2012 from 16% in the previous year. Also, before real estate prices peaked in 2008, big lenders were managing to grow their home loan portfolio at an annual average of 25%.
“Demand in metros has slowed down in April-May. This is mainly due to high interest rates, which have made buyers hesitant to buy property. There are also very few new projects being announced as builders’ communities have been affected by high interest rates too,” said VK Sharma, CEO of LIC Housing Finance, the country’s third-largest housing finance company………………………………………..Full Article: Source


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