The real estate sector, say industry sources, has been witnessing a major slump in business since quite a while now, but builders with deep pockets have managed to hold off the challenge till now.
Having overshot their budgets due to rising costs of construction material led to prices of apartments rising, but with potential buyers having vanished and lenders breathing down the builders' necks to get back their money, the Indian real estate sector is headed for a BIG downturn.
Image: The bedroom of a sample flat being built in the Commonwealth Village by the Delhi Development Authority in partnership with private builder Emaar MGF in New Delhi. | Photograph: Manpreet Romana/AFP/Getty Images
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