You may not be bothered about the real estate boom and crash in United States,
For the last few years the unhealthy and unprecedented growth of flats and their asset values in the Indian markets was of a surprise to me.
Look the following comments
"What you had was dramatically overheated markets where people overextended themselves to buy overvalued properties and they used risky loans to get those properties," Sharga said.
This comes from a cnn article, http://www.cnn.com/2008/LIVING/wayoflife/05/28/renters.booted/index.html?iref=mpstoryview
This is what has happened in most of the Indian towns, many people have bought houses and flats in dreams of getting great returns, but as you can see that already areas in the United States, with far more immigrant populations like California and Arizona , Florida and Nevada are suffering due this.
Isnt that what has happened with places like Bangalore , Hyderabad , Delhi and even Mumbai ,
Last week I was reading one of the leading fortnightly publications,. IT was ridiculous that people are not able to buy houses in the country so they travel all the way to Dubai and Sharjah which are two to three hours by flight for most people in India. They buy land there and it seems land there is much more affordable.
You will find people buying flats for 1 crore. 1 crore is as much as 250000 dollars, that is like the worst of devaluation of money. If you are planning to buy some land as investment, that will always benefit you or the next generation in the long run, in terms of property holdings or starting a business or sharing wealth with a promoter.
But what happened in the last few years was good for the new comers in the industry not for all the later ones who had a dream to make it big. Real estate will happen in India for the next many years, but without the government measures to make life easier for people buying apartments you will not see young employees taking the plunge.
People are more scared about taking a flat than the marriage vows since it means a commitment for 20 years with all the important years of your life gone to make a small house or a pigeon hole that too for the benefit of a generation that you don’t know whether it will grow to even give you a glance .