As sales slumped and the once red-hot market cooled, their businesses unraveled -- leaving them grappling with debt.The fallouts from the shakeup in the $126 billion property market are reverberating across companies, markets and the broader economy. Unitech, once India's largest developer, has plunged to a fraction of its previous valuation. State-owned banks -- the lifeblood of the economy -- are grappling with a pile up of bad loans from the industry. The downturn only worsened last year after the government tightened regulations to protect homebuyers and separately introduced a new services tax across all industries. "I'm not going to touch any other property in India," he said.

Source: Economic Times January 31, 2018 01:41 UTC