19.01.2009 - Banks furious as Indian developers refuse to cut prices in return for restructured loans
From Propertywire.com: Cash strapped developers in India are going back on a promise to sell properties at a reduced price in return for beneficial loan rates, it is claimed. The banking system's bail out programme to help developers is now under strain. Some bankers have complained to the central bank that after making use of the relaxed rules, which permit banks not to classify loans to real estate firms as bad loans the moment they are restructured, builders continue to hold on to artificially inflated prices..... Full Article: Source