The games start now! I saw a very humble picture of Mumbai's Real Estate market, the rates have gone down, a good 10%-15%.
The projects still stuck with the same rates as earlier were desolate devoid of any visitors, the ones' that were rocking were projects which have taken into account the fact that the average Indian doesnt earn 75 lacs a year!
Some of the properties which have been around forever, are obviously not willing to learn from economics, that ballons can be blown to their capacity, but not any further.
May god help the countless people who are gonna be stuck with debts higher than the value of their flats, either that, or may lord have mercy on me coz I do not wish to buy no flat in these boiling water.
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An update - Came across this interesting analysis on DNA, quoting Kotak Mahindra' IIS division.
Some obvious points have been raised:
Read the complete article here: http://www.dnaindia.com/report.asp?newsid=1132603
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