Homeownership is becoming increasingly unattainable in India's sweltering real estate market. Prices are skyrocketing from the glittering high-rises of mumbai to the remote suburbs of Bengaluru due to a combination of declining supply, growing demand, and escalating construction costs.
Middle-class purchasers are scrambling as luxury projects proliferate and affordability rapidly declines. More and more people are now doubting the ethics and sustainability of this real estate bubble. Non-resident indians (NRIs), who are frequently regarded as top purchasers in the market, were the focus of a recent Reddit post that sparked debate about the skyrocketing cost of real estate.
"All NRIs should wait a little while before purchasing properties in major indian cities. I was looking up the prices of apartments in hyderabad and Bangalore. I was shocked to learn that a three-bedroom apartment in the city's outskirts (the city border) costs between two to three and a half crores. I then looked up the prices in places like london and New York and discovered that they were the same.
These men are becoming quite avaricious. They anticipate that NRIs will purchase these. Therefore, please do not purchase without haggling. The user wrote, "Invest your money in stocks."
Many others were moved by the sentiment and added their own worries about soaring prices and crumbling infrastructure.
"Although I'm not wealthy, I intended to purchase a tiny plot of land in Bengaluru, but I decided against it after considering the costs and the deteriorating infrastructure. In an effort to widen the road, I saw yesterday that all of the century-old trees, which were up to 10 meters broad, had been uprooted. This was the final stretch of vegetation on the Bengaluru outskirts. One individual said, "The greed has no bounds.
"I chose to purchase one in dubai since I had planned to acquire one. WIP is still ongoing. Another commented, "Indian real estate is a corrupt money sink and extremely bloated."
Poor returns on metro investments were mentioned by a third user. "My best choice in the last five years has been to avoid investing in Bangalore real estate. All of my companions who made investments have either lost money overall or barely made a profit on any real estate purchases made after the addition of inflation in 21. I made five times my investment when I made the same investment in a land development on the outskirts of a tier-two city. Staying outside is safer unless there is a 20–30% correction in the current price. On the edges, there is a lot of dead inventory.
Others emphasized that international comparisons don't provide a whole picture. "Prices in New York and london have likewise skyrocketed since COVID-19.
Nonetheless, it appears that the notion that real estate values would never actually decline is ingrained. "Over the past 40 years, real estate values have hardly decreased. If they did decline, it was by 10% or remained unchanged for a few years. That is the regrettable truth, brought on by our expanding economy and population. Prices are unjustified, but as some individuals are willing to pay, they will never decrease.
Middle-class purchasers are scrambling as luxury projects proliferate and affordability rapidly declines. More and more people are now doubting the ethics and sustainability of this real estate bubble. Non-resident indians (NRIs), who are frequently regarded as top purchasers in the market, were the focus of a recent Reddit post that sparked debate about the skyrocketing cost of real estate.
"All NRIs should wait a little while before purchasing properties in major indian cities. I was looking up the prices of apartments in hyderabad and Bangalore. I was shocked to learn that a three-bedroom apartment in the city's outskirts (the city border) costs between two to three and a half crores. I then looked up the prices in places like london and New York and discovered that they were the same.
These men are becoming quite avaricious. They anticipate that NRIs will purchase these. Therefore, please do not purchase without haggling. The user wrote, "Invest your money in stocks."
Many others were moved by the sentiment and added their own worries about soaring prices and crumbling infrastructure.
"Although I'm not wealthy, I intended to purchase a tiny plot of land in Bengaluru, but I decided against it after considering the costs and the deteriorating infrastructure. In an effort to widen the road, I saw yesterday that all of the century-old trees, which were up to 10 meters broad, had been uprooted. This was the final stretch of vegetation on the Bengaluru outskirts. One individual said, "The greed has no bounds.
"I chose to purchase one in dubai since I had planned to acquire one. WIP is still ongoing. Another commented, "Indian real estate is a corrupt money sink and extremely bloated."
Poor returns on metro investments were mentioned by a third user. "My best choice in the last five years has been to avoid investing in Bangalore real estate. All of my companions who made investments have either lost money overall or barely made a profit on any real estate purchases made after the addition of inflation in 21. I made five times my investment when I made the same investment in a land development on the outskirts of a tier-two city. Staying outside is safer unless there is a 20–30% correction in the current price. On the edges, there is a lot of dead inventory.
Others emphasized that international comparisons don't provide a whole picture. "Prices in New York and london have likewise skyrocketed since COVID-19.
Nonetheless, it appears that the notion that real estate values would never actually decline is ingrained. "Over the past 40 years, real estate values have hardly decreased. If they did decline, it was by 10% or remained unchanged for a few years. That is the regrettable truth, brought on by our expanding economy and population. Prices are unjustified, but as some individuals are willing to pay, they will never decrease.
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