December 30, 2008
Property has a way to go
Story link: Property has a way to go
So very true, its not the fact of if the market will correct itself, because of course it will, it’s a matter of how quickly.
These lines from the 1977 classic Hindi film Gharonda would, in brief, encapsulate the struggles that most people go through while buying a home, especially so in the last 2-3 years.
Residential property prices crashed in the mid-1990s, and it took till 2002-03 for them to start rising again. When they did, however, the progress was rapid. Within a short span of time, the prices had risen so much that the budget buyer, who comprises the bulk of the market, was left out in the cold.