I met with a large developer here in India. He told me that "rent models," (i.e., discounted cash flow models) don;t work in India--that everyone wants to own property in India, and so India is different. I remember a Japanese real estate guy telling me the same thing about Japan in the late 1980s.
At least there isn't a lot of leverage here, so the systemic risk of a collapse in prices is lower. But still....
At least there isn't a lot of leverage here, so the systemic risk of a collapse in prices is lower. But still....
