In India, especially in urban areas, the real estate market has become extremely expensive. Previously, when it was our parents time, they bought it at a simple price which had less value, and it would only take one full generation's sacrifice to build one home. India’s housing sector has exceptionally increased its market size and value. Previously, it was the government’s responsibility to provide subsidies for homes, but since private entities have entered the market. Real estate has become extremely popular and expensive.
If a software engineer earns a good amount of money in metropolitan cities, it will take 20 years to buy him a home. Most of the apartments cost around 2 crores in prime locations. A middle-class family can only earn and buy upto 50 to 80 lakhs after a lifetime of savings. The amount they earn and save has a significant impact on their lives. Middle-class prices have gone down and people prefer only high-end, expensive properties. People have to buy homes in rural or low-priced places and other parts which have no significant measures.
Only India has 35% of the urban area in which the costs have increased rapidly. Ordinary people can never buy a property in the main areas. To build an independent house it requires at least 8 to 12 months, making it even more expensive. The government stamp duty depends on each state tax messures, making it 4% to 7%. The government makes at least 4 to 7 lakh rupees based on property selling of each. Middle-class families have no chance to further establish their footprints in urban areas with basic simple salaries anymore. Only black money holding people or business people can buy such homes or apartments. NRI’s who are earning in dollars are making the markets even more expensive and demanding, making it one of the most complex industry.
