I feel that builders lobby in Bangalore is pushing hard with the help of media. In fact, the prices have not dropped as dramatically as mentioned in the article, however it is true that many many flats are lying unsold as builders and real estate investors are holding on to them with the hope of selling them at higher prices.
This looks like a last ditch effort by the builders and investors to make people buy property. If it does not succeed, we can really see prices crashing by as much as 60% in some areas shortly.
