In an article will India have its own sub prime crisis, published on March 2008, discussed what was happening in America will also affect India. There would be significant over supply of apartments and if you really needed to buy one, significant discounts, some as good as 30-40% and maybe buy one and get one free. This has indeed become a reality reported via rediff in Buy a flat and get another flat, BMW, Merc free
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Shrikant's Blog 