Housing prices in and around Mumbai and New Delhi have climbed back up to lofty levels, even surpassing 2008’s peak in some locations and giving rise to worries about the re-emergence of a bubble. But unlike the previous real estate boom, developers are for the most part taking care not to overextend themselves. They are focusing instead on core and safer markets in the country’s metros and keeping debt levels moderate. The market’s de-rating of this sector therefore deserves...
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