Thursday, December 17, 2009

IN MY price inflation in Chandigarh

Reading The Tribune, premium English language newspaper of Panjab i became aware that the residential plots in Chandigarh, a modern city are going for $2300 oer square yard .A Residential plot of 4000 square feet will cost One mIllion US dollars.Vow is it Japan of nineties. I remember Australia had sold its embassy for 300 million dollars .It was rumored that the land under the royal palace of king of Japan was worth more than the Island of Manhattan.

This price is not location specific.No unique location or amenities .I wonder what is happening to India.This is not Mumbai or even Bangalore.I feel very alien to these prices .America's price bubble in real estate is fresh in the memory.Is the high population density of India cause for this land price inflation.Besides, this is happening while the deflation is taking place all over the world in real estate as well as GDP.

1 comment:

  1. Dear Bush,
    Chandigarh is the best city in the world, with all the facilities. I have just come back from US and it is a fact that the standard of life is far more better than US. The reason for high prices is the people's paying capacity and stable economy.Thanks to presnt PM, credit goes to him. It must be a set back for NRI's. The escalation is so phenominal that I purchased a plot in Chandigarh for 30 Lakhs in 1999 and now it is 7 crores. Majority of youngsters prefer to work for Overseas company with offices in India so that they earn in Dollars and spend in Indian Rupees. If you earn in Dollars and spend in dollars, then it is of no use. Another gorwing trend is that going overseas for settlement is a last priority and only who are failures in India can get opportunities any where in the world. Except from rural areas, no girl from a good family is interested in getting married to NRI's. Finally a majority of the well settled NRI's are getting themselves relocated to India. On a personal level, these points were reinforced by Mr. Chatwal a hotelier during his recent visit to our office.