{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='INDIA: BOMBAY: REAL ESTATE VALUES FALL BY MORE THAN A QUARTER' data-url='/boclips/videos/5c54c1cad8eafeecae154d61' data-video-url='/boclips/videos/5c54c1cad8eafeecae154d61' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nINDIA: BOMBAY: REAL ESTATE VALUES FALL BY MORE THAN A QUARTER\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEng/Hindi/NatThe bubble seems to have burst in Bombay's real estate market.A booming economy and a shortage of available land have placed property prices in the Indian financial capital among the highest in the world.But in recent weeks...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEng/Hindi/Nat\u003cbr/\u003eThe bubble seems to have burst in Bombay's real estate market.\u003cbr/\u003eA booming economy and a shortage of available land have placed property prices in the Indian financial capital among the highest in the world.\u003cbr/\u003eBut in recent weeks real estate values in some parts of Bombay have fallen by more than a quarter.\u003cbr/\u003eBombay, India's financial nerve centre and one of the fastest growing cities in the world.\u003cbr/\u003eTens of thousands of fortune seekers flock to this sprawling metropolis each year - and accommodating them is a business that rakes in billions for builders and developers.\u003cbr/\u003ePrime location property in Bombay is often more expensive than in London or New York.\u003cbr/\u003eThe construction industry thrives on scarcity.\u003cbr/\u003eExperts say the extraordinary rise in property prices has been fuelled by the opening up of the economy and a chronic shortage of available land.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"In the process of liberalisation, the demand was obviously unleashed, particularly speculative capital investor demand. Now that caused prices to inflate to unheard-of levels - to the extent that, so I am told, months ago Bombay was seen as being the most expensive capital in the world for both residential and commercial. Now that clearly couldn't be sustained - it's totally unrealistic.\"\u003cbr/\u003eSUPERCAPTION: Michael Thompson, Colliers Jardine, Real Estate Agents\u003cbr/\u003eThe bubble however seems to have burst.\u003cbr/\u003eThe last few months have seen a virtual shutdown in the real estate business.\u003cbr/\u003eProperty prices in some parts of the city have fallen by more than a quarter.\u003cbr/\u003eMany investors believe prices have reached a natural ceiling.\u003cbr/\u003eBuilders argue the only problem is a temporary cash squeeze.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"This recession has come mainly on account of cash crunch. There is lot of liquidity crunch in the market today. We do not have adequate supply of finance from financial institutions. It is not able to cope up with the demand.\"\u003cbr/\u003eSUPER CAPTION: K.V. Satyamurthy, Builders Association\u003cbr/\u003ePans to tackle poverty are also being blamed for the property slump.\u003cbr/\u003eThe state government wants to build four million houses for slum dwellers.\u003cbr/\u003eSOUNDBITE: (Hindi)\u003cbr/\u003e\"Poor people know that they are going to get houses for free. And because of this there is a definite fall in land prices in and around Bombay. But despite this fall, there are no buyers - and that is a real cause of concern. Millions of rupees have been invested in this industry - what will happen to it now \"\u003cbr/\u003eSUPERCAPTION: Prakash Mehta, Minister for Housing, Maharashtra State\u003cbr/\u003eAccording to construction industry figures, almost half of the newly constructed flats on the outskirts of Bombay are lying vacant.\u003cbr/\u003eBuilders see no chance of the market recovering in the near future as all potential buyers are adopting a \"wait and watch\" policy - obviously hoping for the prices to fall further.\u003cbr/\u003eBombay, India, August 1996\u003cbr/\u003e1. GVs of Bombay  with high rise buildings\u003cbr/\u003e2. set up Michael\u003cbr/\u003e3. SOUNDBITE: Michael Thompson\u003cbr/\u003e4. various of construction sites and buildings where work has been stopped\u003cbr/\u003e5. SOUNDBITE: Satyamurthy\u003cbr/\u003e6. FILE of sprawling Bombay slums with people walking in narrow lanes\u003cbr/\u003e7. SOUNDBITE: Mehta\u003cbr/\u003e8. various of newly constructed residential buildings with flats lying vacant\u003cbr/\u003eBombay, India, August 1996\u003cbr/\u003e1. GVs of Bombay  with high rise buildings\u003cbr/\u003e2. set up Michael\u003cbr/\u003e3. SOUNDBITE: Michael Thompson\u003cbr/\u003e4. various of construction sites and buildings where work has been stopped\u003cbr/\u003e5. SOUNDBITE: Satyamurthy\u003cbr/\u003e6. FILE of sprawling Bombay slums with people walking in narrow lanes\u003cbr/\u003e7. SOUNDBITE: Mehta\u003cbr/\u003e8. various of newly constructed residential buildings with flats lying vacant\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci 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class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eGrade\u003c/dt\u003e\u003cdd title=\"Grade\"\u003eHigher Ed\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSubjects\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?keywords=Integrity\u0026amp;page=20\u0026amp;search_tab_id=1\u0026amp;subject_ids%5B%5D=1216220\"\u003eAll Subjects\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eMedia Type\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?keywords=Integrity\u0026amp;page=20\u0026amp;search_tab_id=2\u0026amp;type_ids%5B%5D=4543650\"\u003eNews Clips\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSource:\u003c/dt\u003e\n\u003cdd\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e1996\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;keywords=Integrity\u0026amp;page=20\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='concepts-heading'\u003eConcepts\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list concepts' data-identifier='Boclips::VideoDecorator' data-type='concepts'\u003eeconomy, prices, demand, india, asia, business, south asia\u003c/div\u003e\n\u003cdiv class='concepts-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='additional-tags-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='additional-tags-heading'\u003eAdditional Tags\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list keyterms' data-identifier='Boclips::VideoDecorator' data-type='keyterms'\u003econstruction and engineering, residential construction, mumbai, industries, building construction, industrial products and services\u003c/div\u003e\n\u003cdiv class='keyterms-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv 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