Housing Sector Crisis and Beyond

Housing, the sector that brought even the most powerful nation in the world – the United States of America – down to its knees, has been going through a crisis of its own in India. The world is still grappling with the aftershocks of the global recession of 2008, the man-made calamity that was triggered by the massive mismanagement of the booming housing sector in the US. It took years of reform measures and fiscal packages for the US economy to get back on track. Cut to the present, and to the other side of the globe, housing prices stagnated and fell in India, inventory went unsold for years, buyers are still in scarcity and the sector has been facing a liquidity crisis like never before. There are words of reassurance surfacing now with several industry experts pointing towards signs of revival. But with over six lakh units of unsold inventory still piled up in just the...