India: Housing boom declines, hinting at slower economy | csmonitor.com: "New Delhi - Glistening marble floors. Landscaped lawns. A golf course. This $1.5 million-a-pop housing development is one of the plushest yet in Gurgaon, a satellite city on New Delhi's edge that has become an icon of booming India.
But 18 months after they went on sale, half the houses in the first phase of construction stand empty and unsold, as India's once-booming housing market slows down.
A recent report by HSBC Bank predicted a 'sharp slowdown' in residential demand in most Indian cities and a fall in home prices of between 25 and 30 percent.
Many fear the housing sector's woes bode ill for India's slowing economy. Rising inflation and shrinking credit look poised to slow steady growth here, and several international banks have revised their 2008 growth forecasts down to around 7 or 8 percent."
Friday, 8 August 2008
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