Pursuits
Billionaire’s Fund Predicts Prolonged Slump in India Home Sales
- Sales plunge as home prices near records crimp affordability
- Delhi and surrounding areas worst hit, will be last to recover
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Billionaire Uday Kotak’s property fund is predicting a prolonged slump in India’s residential markets as home prices near record levels have crimped affordability, driving sales down.
Residential markets across cities have slowed down, with the National Capital Region, comprising Delhi and its surrounding areas, being most hurt, according to Vikas Chimakurthy, senior executive director of the Kotak Realty Fund, which manages $1.47 billion in property assets. Those areas, including Gurgaon in Haryana and Noida in Uttar Pradesh, will be the last to recover, he said.