Yogen Shah, Director of the Supply Chain in Petrofac, raised concerns about rising real estate prices in India and questioned why there was no repair despite hyperinflation. In LinkedIn, he compared property rates in Indian metro cities with those in the US and Europe and emphasized the sharp contrast in HDP income and on the head.
Shah quoted a recent example of a friend who bought an apartment of 1100 square feet with three bedrooms in the suburbs of Bomba for 3.5 GBP Crore. “As 3 BR fits for 1100, it is outside my imagination,” he noted, called the Indian real estate market “Hyperinfrited”. He attributed it to “black money of corrupt earnings”.
Shah expressed frustration from financial control in other transactions and pointed out the lack of strict controls in real estate stores. “There are no strict requirements for real estate. You can buy a property in the names of various family members – who do not even earn. As?” He asked.
Shah also established a comparison with the stock market and stressed that real estate prices are not working despite problems with environmental and infrastructure. “In the stock market, prices reflect the performance of the company. Nothing happens in the area of real estate with a change in air quality, pollution, lack of water, excessive operation. More crowd, bigger prize 🙃, ”he wrote.
Shah supported his argument with economic data and noted: “US GDP is $ 27 trillion and India is only $ 4 trillion. Revenue per capita in the US is $ 60,000 per year, while in India it is barely $ 2,500. That is surprising. ” At the end of his contribution he stated: “I do not store my money in Indian properties, except for the primary requirement for residents. Are you? ”
The post quickly caused the debate, while users express concerns about inflated real estate prices and alleged market manipulation.
One user criticized the state of urban infrastructure and said, “I can't even think about buying a property at prices that are more than double in some places. No proper roads, private water supply, private electricity and energy cuts lasting 3-4 hours in summer are over the roof!
Another user emphasized tax evasion, wrote: “In India, colonizers created a parallel system that would avoid taxes. Almost all landmarks are sold double the registration value, with 50% of the payment made in cash. ”
Some users have proposed political interventions to limit inflation of controlled investors. “We should limit how many real estate can be purchased in the city. Investors with black money push out real buyers and inflate the market. The government should not register more than one property per person in the city based on Aadhaar, “he designed the user,” designed the user, “he suggested the user,” he suggested the user, “.
Another user demanded stricter real estate ownership regulations. “The government must limit” nameless real estate transactions. “The properties should only be registered in the name of someone with a verifiable source of income.
But not everyone shared skepticism. One commentator pointed to a strong demand in the luxury market and said, “Gurgaon sold apartments worth 100 crore £ and was sold out as hot cakes. The Indian real estate industry flourishes because people want housing within the city limits with all luxury. and citizenship in the area.
