India's real estate sector, many fear, is unstable. Prices appear to have reached bubble territory; balance sheets look shaky; and large amounts of debt have been taken on, with insufficient amounts of real production to show for them. This has worrying systemic implications - a financial system that lends too much to a heavily leveraged sector with minimal regulatory oversight is asking for trouble. That is why the Reserve Bank of India's (RBI's) notification on Tuesday tightening restrictions on home loans is a good idea. ........
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