Capital: New Delhi
Language(s): English, Hindi, Urdu
Population: 1,134, 260,000
Total Area: 3,287,260 km²
GDP (in million USD): 1,537,966
India, officially the Republic of India, is a country in South Asia. It is the seventh-largest country by area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world.
Recently, Indian property price increases have slowed sharply. Of the 15 major Indian cities covered by the NHB Residex, nominal house prices rose in 9 cities and fell in 6 cities during the year to end-June 2012. However, when adjusted for inflation, house prices fell in more cities (11 cities) than rose (4 cities).
During the year to end-Q2 2012, house prices in New Delhi rose by 17.01% - but this was the lowest annual price increase since Q4 2010, according to the National Housing Bank (NHB). When adjusted for inflation, house prices in Delhi increased by only 6.23%.
Property sales in Mumbai had fallen by 70% by late-2011, from their peak levels in 2007, according to Firstpost. In central Mumbai, unsold units accounted for more than 45% of total launched housing units by late-2011. Similar drops in demand can be seen in other Indian cities.
DFL, India's largest real estate developer, is projected to cut new project launches. Another property company, Unitech, said that it will halt new projects over the next few months.
The Indian economy has been slowing sharply. During the first quarter (April-June) of the fiscal year 2012-13, real GDP expanded by 5.5% from the same period last year, the decade's worst Q1 performance. The economy is projected to grow just 4.9% in 2012, in contrast to an average growth rate of 8.3% from 2003 to 2010, according to the IMF.