While ultra-luxury houses worth more than 100 crores are quickly sold in the big cities of India, many middle class buyers have difficulty in soaring, high interest rates and under strict mortgage conditions. Approval delays, little clear land titles and limited affordable housing options still complicate the market.
A Reddit user recently launched a debate by calling for government intervention to regulate the purchases of properties from the NRI, arguing that they push the Indians residents in lifetime rental.
Referring to this trend as a “rent drain”, the message said: “The NRIs make housing unaffordable in India. The government seriously needs to examine it and do something. The NRI engulfs each new apartments project and the resident Indians are forced to become tenants forever. This empties India doubly. First brain leak. Then rent a drain.
The position has resonated with a lot, several users calling for higher taxes and stamp duties on purchases of NRI properties.
“Thus, the real estate lobby is too strong in India and works in close collaboration with the ministers. So it will never happen. All Govt must do to resolve this mess is to perceive additional TDs if you have more than 3 residential properties and an additional 10% stamp duty if you are NRI. But that will not happen. Govt prefers to spend time on the latent, ”said a user.
Another user has suggested an increased tax on purchases from the second home, declaring: “Black money in land, corruption and these boys of a dollar – please stay away from Indian real estate. The government must increase tax on the second house / goods to 25%. These rates cannot continue. Indians living in India, winning in rupees, cannot afford a house. »»
The discussion also pointed out how investment in NRIs in property is a global problem.
“There are more and more houses bought by the Indians (NRI) than whites in Western countries-United Kingdom, Ireland, to name only a few. These NRIs are also pain in their asses 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 🤣 not any user people
However, some have argued that the NRIs are not solely responsible for the rise in real estate prices, pointing rather on corruption and black money.
“No. It’s a red herring! It sounds true, but not completely honest. Tons of people in India himself lead high prices – politicians, manufacturers, business owners, showbiz. The NRIs are just a goat Easy emissary. Tackling black money in real estate that prices will drop, ”said a user.
Another highlighted the impact of national buyers, in particular well -paid software professionals.
“Most of my city apartments are purchased by software engineers with more than 10 years of experience. They receive a very good salary and the post-comfortable boom has enriched them. All this money, as well as loans, went to real estate. »»
