Few years back, when I was about to change my branch from Chemical to Civil Engineering, one of the professors of Civil Engineering from IIT Kanpur told me that this would prove to be one of the life changing decisions of my life, considering that India would soon be hit by a construction boon.
Though, I had altogether different reasons for changing my branch, and didn’t really care about the advice that the professor had to offer, yet when I look back at what he said taking into perspective today’s scenario, I wonder how correct he was with his prediction about the industry.
Yesterday, I was taking a tour of my very own city and realized how many societies and projects are coming up in the city with so many different builders ranging from Ansal to Omex taking share of the same pie.
What amazes me more is the holding capacity of the who’s who of my city, who tend to take part in the auctions conducted by the Development Authority. I also wonder how the who’s who of the city are able to get atleast a flat or atleast some piece of the land that is supposed to be auctioned.
Either the God is very kind to them or some other forces have a role to play in the same. Having said that, you will of course find certain genuine cases who happen to get a flat etc., much to their relief, in the auction at a price which is much below the inflated market price of the same.
One other factor that plays a big role in the Real Estate business is the amount of black money floating around in our country. With so much black money waiting to be made white, real estate provides that golden opportunity which the hoarders might be waiting for years now.
Not only does their money becomes white, but also they are able to possess the all so precious property whose prices, at least in the current scenario, are bound to increase exponentially, in turn affecting and in fact determining the market price of the land, which is inflated, courtesy the presence of people who are ready to pay large amounts of money in order to get a chunk.
As you know, it is all contigent upon the demand-supply game. At loss are those who neither have black money, nor are rich enough to make the cut and are found wanting. For a common honest man, it is extremely difficult to even think about getting a nice house/flat in a decent locality, leave alone actually possessing it.
Don’t you think, if such a scenario persists for long, people will tend to become more corrupt and would want to earn more money? Do you think, in this case, people would really worry about the legitimacy of the same, considering that, at stake is one of the basic needs of human kind and that is the makaan or the housing?
What is needed is formulation of a policy which caters to the equitable growth in society and its effective implementation. The question, though is, who will do such a thing and will someone be able to find the grit and determination to overcome all odds in proposing the same and turning it into a reality?
What will happen, no one can tell. But one thing is for sure, time is running out from our hands and the need of the hour is to get going and implement effective and efficient policies on an urgent basis, so as to stop this society from getting more and more corrupt.
Source for Image: http://www.missionbuilds.com/uploads/26/Mission_Flat_1.jpg
As the biggest chunk of black money in this country is held by ppl weilding political power, I am afraid if we are going to see the real estate sector thrown open to pure market forces anytime soon.
The biggest problem of our country is that no one seems to be thinking about the country. Everyone is so grossly involved in their own self that they have stopped differentiating between what is right and what is wrong. The political class is no different. They too are more concerned about their own selfish needs and would go to any extent to satisfy the same. The only question that I often ask myself is, how is the system going to change? And who will initiate it?