The economic slowdown came as a tough challenge to the Indian realty market in 2009. Bindu Gopal Rao takes a trip down memory lane, highlighting the highs and lows of the sector in the year gone by.
Although the realty market witnessed a slowdown in India, Bangalore was ranked third, being a popular property hotspot, trailing behind Mumbai and Delhi. As the financial crunch deepened in the West, many intending international builders put their entry into India or expansion plans on hold. The downturn had a significant impact on the IT sector too, adversely affecting the high-end residential segment.
Allowing 100 per cent FDI in realty projects through the automatic route, bringing down the area for developing integrated townships from 100 acres to 25 acres, allowing for full repatriation of original investment after three years and the Urban Land Ceiling Act 1976 being increasingly repealed by larger number of states were few of the prominent happenings in 2009.
More : deccanherald.com
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