De-construction

Some foreign investors thought they could earn a quick buck from India’s property boom. How wrong they were. The country has avoided a subprime crisis, but is still suffering from a real estate crash. The boom was impressive. Residential and commercial property prices in cities such as Delhi and Mumbai skyrocketed – rising by as much as 300% in the three years until 2007. The stock market priced in still more. Indian property companies were valued at as much 60 times trailing earnings. Foreig...