The recession in real estate is fake.It is due to over growth and high prices unaffordable by one and all.It is result of lust and uncontrolled expansion by stupid policies of Man Mohan government-A criminal act of negligence and mismanagement.
The builders instead of trying to manipulate and play trucks with customers doling out superficial schemes should understand that in India without any reasons and kustification prices were hiked by 400 to 500 % in last 7 years.This was highly unjustified.
On top of this they came out with huge schemes and palatial buildings raising property prices.India never had any cause to do so.
It is time builders as a sector get together and force land owners to sell land at cheaper prices and should also make affordable housing plans Indians deserve to possess.They should come out of aping western opulence just because a few IT nerds are getting too much more than they are entitled to and deserve in India.Same way Indian IT industry should also reduce salaries of their employees in line with true state of Indian economy and common man's earning.The property prices must fall to at least 50% of current rates.400% to 500 % rise in 6 years means 60% per year inflation-that is absurd and criminal act.
The permanent resident NRIs( i.e. foreign citizens) in countries like UK,USA,Canada etc should not be encouraged to buy property in India as traditionally Indians are always property hungry.The State agencies like DDA,HUDA are biggest offenders as they instead of developing and releasing large land bank at cheaper rates hike prices each time they auction.This certainly was not their role.
As a guideline I would like to advise builders in India including Housing boards that a simple 2 bed room flat in any non metro city should not cost more than Rs 2.5 lacs.Anything more is criminal.
High estate prices increase cost and risk of doing business which we can see in retail sector.Retail has collapsed due to high cost of real estate and madness that it acquired in last few years almost to a level of frenzie.It is important that we dont fall in trap and keep hioking salaies and real estate thus eroding the only low labor cost advantae India has in global competition.
Prof R K Gupta
www.indiaforce.
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