India’s real estate meltdown thousand times more catastrophic than American banking meltdown
Ramesh Dutta
Mar. 14, 2009

American banking collapse is miniscule to what India faces in coming months in terms of real estate collapse. The size of the bubble in Indian real estate sector was thousand times bigger than mortgage bubble in America.

According to he Reserve Bank of India (RBI) is examining the books of ten real estate companies to verify their solvency and assess the systemic risks arising from possible defaults by these companies on various loans and public deposits.

Sources close to the development said the exercise followed concerns expressed by bankers over possible large-scale defaults in loans and deposits, which may have implications for the entire system.

The companies identified for assessment are DLF, Indiabulls Real Estate, Unitech, HDIL, Mahindra Lifespace, Peninsular Land, Ansal Properties, Phoenix Mills, Anantraj Industries and Akruti Citi Ltd.

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