Indian real estate sliding fast – Reserve Bank of India ready to intervene to hep the housing market
Kiran Mathur
Nov. 15, 2008

Reserve Bank of India has decided to allow, as a temporary measure, housing finance companies registered with the National Housing Bank to raise short-term foreign currency borrowing under the approval route. But that is helping little to stop a mega collapse in Indian real estate price.

After pumping in around Rs 2.90 lakh crore liquidity into the banking system, the Reserve Bank on Saturday announced a slew of measures to give a boost to the real estate sector.

Some analysts believe it is too little and too late. The damage is already done.

Indian forex reserve has slipped to about USD 240 billion from a high of USD 315 billion in May-June. The RBI also permitted Indian banks to offer better interest rates for foreign currency deposits by the non-residents. But non-resident Indians are not that much interested because of the change in Indian native outlook for decades.

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