has been the most unreal for working class in india because of 2 reasons. Businessmen including doctors, lawyers do cash transactions and avoid paying tax. Cash piles up and they buy real estate to hide illegal cash. Govt has to increase tax from honest payers With this demand, rent, school, medical, veg, fruits everything will increase as everyone needs real estate to survive. Salaried class will have to bear with this inflation too.
Big looter - Govt reduce Land value from present before 2004, market will slide. reduce registration tax 4 % Allow Buyer to encash GST in their TAX returns do not allow new construction Big construction metro city Only second grade city allow the construction Land only Baren land for past 10 years shall used for flat promotion Strictly follow them
Wealth of an individual is a function of cost of living indicators.
It is a myth that people have made money in real estate. When I buy a property for 20 lacs and sell it for 40 lacs , the buyer who bought it for 40 lcas wants to sell it for 60 lacs after some time. So at the end of it all , the cost or the property has risen by 300% for nothing. It is a SATTA like game. Not based on any demand and supply logic.
So within a span of about 10 years ( in a city like Mumbai it is less than 5 years), the so called property sucked 40 lacs from the open market. Simple math.
Now, every one in society wants a house - a teacher, gas station worker, barber or your domestic help. So , they demand for more money so that they can afford a house. So naturally, with wages, cost of living spirals upwards.
In a nutshell, you earn twice as much as you used to earn 10 years ago but your cost of living shot up by 4 times. So buy vegetables at 40 rupees a kilo ( 10 years ago at 10 rupees) and milk at 40 rupees a liter ( 10 years ago it was 22) , onions, dal, your kids fees, your power bill and so forth.
So if one is to trace back the culprit, it is the REAL ESTATE. Because it is the SINGLE , HIGHEST and MOST expensive thing you buy in your life and because of the real estate greed , it is beyond your reach and because of the insane pricing,everything in INdia has become expensive.
Wealth of an individual is a function of cost of living indicators.
It is a myth that people have made money in real estate. When I buy a property for 20 lacs and sell it for 40 lacs , the buyer who bought it for 40 lcas wants to sell it for 60 lacs after some time. So at the end of it all , the cost or the property has risen by 300% for nothing. It is a SATTA like game. Not based on any demand and supply logic.
So within a span of about 10 years ( in a city like Mumbai it is less than 5 years), the so called property sucked 40 lacs from the open market. Simple math.
Now, every one in society wants a house - a teacher, gas station worker, barber or your domestic help. So , they demand for more money so that they can afford a house. So naturally, with wages, cost of living spirals upwards.
In a nutshell, you earn twice as much as you used to earn 10 years ago but your cost of living shot up by 4 times. So buy vegetables at 40 rupees a kilo ( 10 years ago at 10 rupees) and milk at 40 rupees a liter ( 10 years ago it was 22) , onions, dal, your kids fees, your power bill and so forth.
So if one is to trace back the culprit, it is the REAL ESTATE. Because it is the SINGLE , HIGHEST and MOST expensive thing you buy in your life and because of the real estate greed , it is beyond your reach and because of the insane pricing,everything in INdia has become expensive.
Wealth of an individual is a function of cost of living indicators.
It is a myth that people have made money in real estate. When I buy a property for 20 lacs and sell it for 40 lacs , the buyer who bought it for 40 lcas wants to sell it for 60 lacs after some time. So at the end of it all , the cost or the property has risen by 300% for nothing. It is a SATTA like game. Not based on any demand and supply logic.
So within a span of about 10 years ( in a city like Mumbai it is less than 5 years), the so called property sucked 40 lacs from the open market. Simple math.
Now, every one in society wants a house - a teacher, gas station worker, barber or your domestic help. So , they demand for more money so that they can afford a house. So naturally, with wages, cost of living spirals upwards.
In a nutshell, you earn twice as much as you used to earn 10 years ago but your cost of living shot up by 4 times. So buy vegetables at 40 rupees a kilo ( 10 years ago at 10 rupees) and milk at 40 rupees a liter ( 10 years ago it was 22) , onions, dal, your kids fees, your power bill and so forth.
So if one is to trace back the culprit, it is the REAL ESTATE. Because it is the SINGLE , HIGHEST and MOST expensive thing you buy in your life and because of the real estate greed , it is beyond your reach and because of the insane pricing,everything in INdia has become expensive.
In its current form cannot be a helpful tool for the end users or investors. Builder lobby is strong enough to live out these rules. Unitech / JPs / Suppertech have deep pockets and can keep the law away for most part. A stronger and much valued law needs to be brought in and implemented with all seriousness. Else this sector will go down further.
Thousands of under construction flats are waiting for completion in NCR,Kolkata,Chandigarh,Chennai,Bangalore and elsewhere.Middle class and salaried class have inested their hard earned money to get a home for their own use by taking loan from banks and from their own savings.Thousands are paying EMIs and waiting for their flats to be completed.A large number of cheat builders like Unitech,JP etc have robbed money from the buyers are siphoned off elsewhere.Thousands of buyers have got neither their home or money.They are running from pillar to post to get their flats back.Government is silent spectator.Government has broken back bone to the real estate industry and crippled the back bone of lacs of workers and buyers.Will the BJP government at the centre has any answer?
real estate has increased wealth of so many ppl.ppl have earned so much in real estate that they could never earn in useless jobs.real estate rates r not increasing everywhere,its only increasing in places of high demand like the metro cities bsce every raju,sanju wants to come and settle in metro cities. ppl have choices to buy flats at places where rates r lower.real estate is an assest and assests have value
Government should come with a regulation on real estate. Because land is premium resource for a country like India which has population of about 1.4 billion.
The real estate greed has swallowed agriculture land of the country like a monster. Take for instance the state of Andhra Pradesh which once was called granary of India for it's super fertile land bearing 3 crops a year ( best quality of rice in the world). The entire delta area was destroyed by the foolish government for 'development'. Now they import vegetable from Orissa, Gujarat and even Karnataka.
This kind of mindless , idiotic development will lead to acute food shortage and water shortage.
As it is , all our major rivers are drying up and people in the metro regions face acute drinking water shortage even in off-summer months.
This kind of destruction by buildings and concrete jungle will lead to famine and drought and will lead to civil wars for food if the government does not step in and contain this malady called REAL ESTATE development.
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.
