The economy is in tatters because of Real Estate. There are no two opinions about it. Real estate industry has to blame it's own acts for the current state. The damage the unholy nexus of real estate builders, politicians, brokers done to the economy cannot be repaired in a decades time even.
The prices - nowhere on the face of earth , in the human history have the real estate prices increased as much as in India in 2 decades. So the extra revenue earned by the country post liberalization got sucked into insanely priced real estate.
If a household has to toil about 20 years to buy a decent 2 bed room house in the metro cities, there is seriously something wrong with the economy and the root cause definitely is not lack of employment.
Real estate is the safe haven for black money / unaccounted money and it is the medium people in India use to convert their tax evaded money into so called 'white money'. Precisely the reason why the prices are so unreasonable and ridiculous.
As a result of this artificial price rise, genuine buyers (salaried middle income households) see helplessly as their hard earned money getting sucked into buying a decent house.
The damage done by real estate to agriculture, environment and economy far outweigh the employment (which is minuscule) generated by real estate.
Real estate should never become an industry because it will destroy the country because of greed.
Implementation part is slow, people are upset, as delay is the same as usual. Govt. is to find a solution as a forceful third party intervention in big way. No other solution will serve the purpose.
