Buy home in india Day is becoming expensive day by day. The lower middle class is now not able to buy its house even after wishing. The reason for this is the sky touching price of the property. Due to the huge increase in the price of property, it has gone out of the budget of many people. The price of property has been seen in the last 3 years. The reason for this is being told about tremendous demand and low supply. That is, the demand for the flat is not available for sale in the market. However, this is not the truth. Realty experts say that there is a cartel among private builders in the property market by consensus. There are private developers selling flats from all major cities to tier to and three cities. Therefore, they are deciding the price of their choice. There is no control over the price of the government. Because of this, the price is on the sky. Along with this, a handful of investors are being spent in the property. Therefore, there is an unrealistic increase in price. However, it is again a sound of slowdown because the property market cannot be run in this way for a long time. Housing bubble is scheduled to erupt.
Property in expensive India from America
India’s per capita income is currently US $ 2,730. That is, it was Rs 2,39,857 in Indian currency. At the same time, per capita personal income in the US is US $ 68,531. That is, it is about 60,22,294 rupees in Indian currency. That is, American income is 25 times more than Indian. Despite this, the prices of homes here have started overtaking many top American cities. This reflects inequality between income and price. Somewhere it shows the price bubble.
Delhi-NCR increased prices by 49%
The sample of how the property price has increased wildly is Delhi-NCR. According to the report by the Propperigar, the average price of houses in Delhi-NCR rose 49% to Rs 8,105 per sq ft in the third quarter of the current financial year. This is much higher than any other city in the country. The report said that prices in Chennai rose 16 percent to Rs 7,173 per sq ft, which was Rs 6,200 per sq ft in the same quarter of the previous financial year. Average prices in Ahmedabad rose 10% in the third quarter of the current financial year. Prices in Bangalore increased by 12% during this period. However, the effect of increasing price is being seen on sales. In 2024, sales of houses in 9 major cities of the country declined by 30%. Not only this, since 2022, the continuous decline in sales of houses continues.
Compulsion to buy expensive houses and sell it cheaply
Vomiting Ganga is flowing in real estate. On the one hand, the price of property is skyrocketing. Home buyers are not getting cheap property anywhere. On the other hand, when a house buyer is going to sell his flat, he is not getting the purchase price either. This sorrow has been shared by an X users. X has been tweeted with the name of @Calm_banker with a handle. Users have written that in Chennai, I bought an apartment for ₹ 68 lakh two years ago. Nearby apartments were offered for ₹ 55 lakh. The builder told me that its price is higher due to Myan Construction. This building is capable of hitting the earthquake. To date, the rate around us is only ₹ 60-62 lakhs. One user has reposed that he bought a flat of 80 lakh and sold it for 75 lakhs after 5 years.
Bubble is burst in China and America
A similar housing bubble was made in China and America. He is torn. Let us tell you that the world’s second largest economy was a victim of housing bubble burst for the last few years. Due to this, an estimated assets of $ 18 trillion have been submerged since 2021. In the US too, in 2008, How Sing Bubble exploded.
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