Bengaluru, Jan. 23 -- India must pursue a cautious, demand-driven real estate expansion and avoid repeating China's mistakes of overbuilding and creating "ghost cities", Brigade Group Chairman and Managing Directorr Jaishankar said on Friday, as the country's property market enters a new growth phase.
Speaking at a developers' conclave, Jaishankar said India's economic momentum and urbanisation offer massive opportunities for the sector, but warned that unchecked construction, excessive leverage and speculative development could distort the market.
"China built too much, too fast and without real demand. India should not go down that path," he said.
Drawing on personal experience, Jaishankar said he had witnessed large, fully constructed...