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Stocks

SBI Chief says 50% real estate correction likely

SBI’s O.P. Bhatt says:

“In India we may witness up to 50% correction in pricing in the mortgage markets. If that happens, it’s good news for the Indian banking system as NPAs would reduce and new business would fall-in,’’ he said at the concluding session of Ficci-IBA Conference on Global Banking: Paradigm Shift, in Mumbai on Saturday. (Nov 8)

Interesting. First I’ve seen, from someone related to the industry. (Note: I’d said we would see a 50% fall in Mumbai, on Sep 29 2008)