08.10.2008 - India: Crisis hits realty's recovery hopes
From Times of India: The realty situation, anyway, has been bleak for some time. Construction work at the major project sites had slowed down as developers found it increasingly difficult to lure buyers. The global financial meltdown has visited Mumbai's realty market in this bleak scenario and has destroyed whatever chances there were of a quick revival of the market, say industry experts. These experts now say builders can no longer hold on to their astronomically high prices and will have to reduce them soon to a much more realistic level if they want the stagnant sales to take off. ..... Full Article: Source