At the beginning of 2007, we had predicted that the year 2007 will be a slow one for Bangalore and its time for some self praise. According to data released by the Revenue Department, property registration was down 40%. [Data was also published in Jan-12th Deccan Herald Newspaper] Major slump in Bangalore, Mysore and Belgaum. Realty developers registration down by 25% in Bangalore.The Government of Karnataka which projected $1.15 billion revenues from registration of properties is now facing a crunch with the number hovering around $650 million at the end of Dec-2007. Speculators are moving out and only genuine buyers will stay in this market. However, with detoriating infrastructure and no competitive state government in place, the market will remain lackluster over the next quarter.
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