Wednesday, June 09, 2004

india's quiet revolution

The growing popularity of mortgage financing in India will do more than just enable millions to become first-time homeowners. It will deepen the financial market, boost the housing and construction industries and spur economic growth, writes Shailaja in the Far Eastern Economic Review.

Issue cover-dated June 17, 2004

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SURESH VARMA, a 32-year-old entrepreneur who runs a small advertising company, recently splurged on a 3.5 million rupee ($77,000) home in the upmarket New Delhi suburb of Gurgaon, for which he took a home loan of 2.5 million rupees. Varma began his career living in a two-room house and driving a beaten-up scooter. Now, he owns a (financed) fancy Honda City car and a plush three-bedroom apartment. His father, who is a retired central-government employee, isn't too happy at the amount of debt his son has taken on. "What if his business goes through an extended downturn?" he wonders.

Click here to read the full text in the magazine.

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