Property prices across India are 10-25% lower than their peak in early 2008. Bank rates are about 4% points lower. Still, the vast majority of the exploding middle class, which aspires to own a home, is not taking the plunge. Homes are still not affordable. Those described as 'affordable homes' are hardly homes.

'The rates may have come down, but even today, the prices quoted by sellers are too high,' said Shravan Desai, an employee at an MNC in Mumbai. 'The developers have reduced the price, but have started charging more for the parking space, which one has to compulsorily buy and that too pay black money for that,' fumes Mr Desai, who has been hunting for a home for the past two years.

Times of India