09.10.2008 - Global financial crisis really hits property market in India
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