INDIAN real estate developers are at risk of going belly-up as mounting stress in the nation's credit market dries up funding even for those willing to pay decade-high rates.

"With the worsening shadow-banking crisis, borrowing rates for most developers have surged to the highest in more than a decade, in some cases about 20 per cent," said Amit Goenka, managing director of Nisus Finance Services, which lends to developers. "Even at that cost, capital availability is limited."

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