Why buying a house is outrageously expensive

July 08, 2016 14:34

"When I lived in Bandra, I stayed in rented homes. Today the rent in those places starts at Rs 1.5 lakh (Rs 150,000) a month and the price of the properties is over Rs 7 crore. These are basic two-bedroom apartments in buildings that are not fancy and offer nothing special. Who buys these places and where and how do these people make their money? Only 5,430 Indians pay income tax of more than Rs 1 crore (Rs 10 million)."

Aakar Patel wonders (as we all do) why real estate in India so damn expensive. Read

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