"Roti,Kapda aur Makaan" these are three basic needs of human being. In Mumbai Roti & Kapda is very easy to get but "Makaan" is very difficult. In india also Real Estate prices are going high with every passing day.
It's difficult for normal people with salary of 15-20 thousand to get his dream home in Mumbai. Some out skirts of Mumbai (neighbour cities) are also getting costly with every passing day.
In few week back there was survey in real estate sector which said that it's difficult for person to purchase house in Mumbai with salary of 1lac per month. If your dream house cost is 70lacs then you have to pay 20lacs as black money. You have to apply for loan with 50lacs
registered value. You have to pay 15% cash to avail the loan of 50lacs. If your loan is for 20years then you have to pay 45000 per month for EMI but before doing all this get Rs27.5lacs cash money which is big deal.
We recently saw that How people of big corporate companies like LIC Housing are involved with financial scam to support builders to hike the prices of property.
Real Estate prices are going high because people believe that it's safe heaven to Invest money. There is one point I want to put is that Real Estate prices increased from 2006-07. It was time when congress almost fixed their plan for 5years.
Corruption and property prices increased in same time because propertymarket is safe place to divert all black money. You can register as many benami properties you want to register. All black money coming in to property market leads to Increase in properties Prices.
Looking for house in Mumbai,
Kamal Upadhyay
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