India faces sales crisis as buys slump

India’s major cities are facing a sales crisis after CB Richard Ellis reported a 10-15 per cent drop in residential purchases across major urban areas in the country due to rising home loan rates.

However, developers are still not reducing prices according to the firm’s South Asia director Anshuman Magazine.

"Sales volume of residential apartments have come down especially in Mumbai and Delhi in the range of 10-15 per cent mainly because of rising interest rates," he said.

Source: OPP