Shares of Unitech Ltd., India's largest real-estate developer by market value, soared 26,869 percent during the past three years. Anant Raj Industries Ltd., a competitor, leapt 39,548 percent.

Both have dropped at least 5 percent from peaks in November and December and further losses may lie ahead. The highest interest rates in four years, tighter lending requirements and seven share sales this year are hurting real-estate stocks. Those companies had rallied as a property boom pushed apartment prices in southern Mumbai to near-Manhattan levels.

Property stock valuations are approaching bubble territory,'' said Parameswara Krishnan, who manages $150 million at DNB Nor Asset Management in Chennai, India. ``We should see some correction.'' He said he is avoiding real-estate shares.

Real estate-related stocks last year accounted for six of the top 10 performers in the BSE-500 index, the broadest measure of India's stock market. Three of the six are down this year and just one is among the top 10. Three, Mahindra Gesco Developers Ltd., Parsvnath Developers Ltd. and Peninsula Land Ltd., are in the 10 worst.

Mahindra Gesco, among the first to set up an industrial park in South India, has fallen 22 percent in 2007. The shares had surged 121 percent last year. Parsvnath Developers is down 21 percent after jumping 163 percent in 2006. Peninsula Land, which has developed commercial properties for U.S. companies such as MetLife Inc., dropped 19 percent this year after rising 127 percent last year.

Thus we can say that India's Property or Real Estate Indian Property market my end on Loan Curbs.
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