After five years of robust growth till the middle of 2008, the $14 billion Indian realty industry faced a major crisis this year, not just because of a sharp fall in demand but due also to high cost of credit in executing ongoing projects.
The same set of realtors who were happy hiking the cost of both residential and commercial project three-four fold in the past years were forced to launch low-cost ventures and reduce prices.
Even the big players like DLF and Unitech had to mop up funds through qualified institutional placements to feed their cash-starved enterprises - most of it to retire old debts and fund new projects.
More : beta.thehindu.com
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