The residential sector has shrunk in five years; the good news is power may have finally shifted towards the buyer
Owning property there, wrote John Lanchester, “was like being in a casino in which you were guaranteed to be a winner”. The there Lanchester refers to in Capital (Faber and Faber, 2012) is the refurbished Pepys Road in an emerging neighbourhood of South London. Property prices had shot through the roof on Pepys Road in the oughties before the bubble burst in the wake of the American subprime mortgage crisis in 2008.
(This story appears in the 13 April, 2018 issue of Forbes India. To visit our Archives, click here.)