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- The face behind the mask
Yes, that's unfortunately the face behind the mask of Indian real estate BOOM. :(
Slums are choking into the land needs of major Indian metros. In Mumbai, for example, slums cover an absurd 66% of the total city! With land proliferation from this segment growing rapidly, very little land is available to property developers.
For an urban Indian population of 24%, only 3-4% of land is available for development. With real estate growing at a rate of 20-25%, and standing at Rs.65, 000 crore today, developers are looking at vertical expansion as the only way out. Confident of sales, they see a genuine demand from consumers today, as against pure investors fuelling the boom in the 1990s.
Home-makers are willing to go ahead with higher interest rates in return for comfortable and well appointed homes.
The builder may promise, and perhaps deliver impeccably manicured gardens and more refined interiors to suit the neo-age homemaker, but if it’s a slum that’s going to greet me every morning, is that value for my money?CommentQuote0Flag