Real estate prices in urban areas are artificially up. It's driven by black money and by Jove there is no Indian who does not have a crore or two in black (except the salaries class)! No new flats are being sold in posh localities. There is only resale and most people who buy resale flats have themselves sold off some of their flat somewhere and upgraded the locality. Salaries class people buy flats on the outskirts where they can get something for 50 lakhs to 1 crore and for which they will spend a lifetime repaying the mortgage loans. Then there are the investors / speculators, both RIs and NRIs.
Real Estate is a bubble and it is likely to burst one day. I think that day is not far especially considering that now we have a regulator in the offing.
This is really hard to believe! The guy has his brand new car stolen from outside his house and yet he doesn't seem to be bothered. He seems to be more concerned as to what the policeman in the thana is marking in the newspapers! Come on give us a break! Or is it that the car belongs to his company/organization and that Mr. Patel couldn't careless as to what has happened to the car ? This appears to be the case. It typically matches with the attitude of these NGO officials. Sometime ago we had the case of a NGO bringing in hackers from abroad so that they could hack into Government sites and take out classified information!!! Great Preach!
Author like our politicians is branblessly quoting prices in world. But forgets top tell about incopems there vis a vis in Mumbai and quality levels. Such dumb heads are danger to our society
Re: Author should see both sides
by on Jul 07, 2016 10:13 PM
Sir, in the US you can buy a villa for about two years' net salary. In India, it would take 20-25 years' gross salary! Got it?
All the high value real estate is corruption money. A senior manager in a highly skilled job can not afford a 2 bhk where as crooks own bungalows..tragic truth..
Dear Akar There are multiple reasons for astronomical residential property rates. One of the prominent one is removal of our fundamental right to own property which was there in our constitution but it was removed by Janta Government with the 44th amendment of our constitution in 1978 during the late Prime Minister Morarji Desai\'s ruling. Dr.Babasaheb Ambedkar had given 7 fundamental rights to all the citizens of India under Article 19. The sub clause f of this artilce gave us the Fundamental right to own and dispose of property. The major difference between a normal right and fundamental right is that, if any of our fundamental right is violated by any person, then we can directly approach the high court or the supreme court as the case may be and our case will be heard on a top priority basis without any delay and with a speedy solution. Second major reason is that there is no government control over real estae prices. Like if you take any other commodity there is something called as MRP or maximum retail price. MRP is applicable to all the products that are sold in the market but not for real estate. Third major reason is that government has not taken any measure to make affordable housing to the public. The other big reason for high prices of property is corruption. This corruption again has to do with our non existent fundamental right to own property.
