4 ms·
A big reason why Gurgaon real estate is more expensive than Bangalore despite having way more land and poorer jobs is government corruption. All those bribes an
by spaceman_2020 4y ago
A big reason why Gurgaon real estate is more expensive than Bangalore despite having way more land and poorer jobs is government corruption. All those bribes and backroom deals get siphoned off to buy apartments and land. These buyers can hold forever because their cost basis is practically 0.
I’m actively hunting for an apartment in NCR and get painfully reminded of how poor I actually am.
- 1024core 4y agoThere was a time when we were living in Delhi and we used to drive down to Jaipur, where our extended family was. We kids looked forward to the drive, as it meant nice stopovers, snacks, etc. After leaving Delhi we would , after an hour or so, make our first stopover in a little village called .... Gurgaon! There we would have chai, samosas, etc. In those days Gurgaon was separated from Delhi and a sleepy little village. When the capital expanded, those villagers became instant millionaires. A lot of comments in this thread are crediting TCS, Infosys, etc for lifting people out of poverty, but another factor was the skyrocketing realestate prices. Small-time farmers who could barely make ends meet suddenly were sitting on million-dollar land holdings.
- Scoundreller 4y agoHow much of this has to do with credit expansion and how much from cash purchases of those properties? (Though I suppose an urban software developer is a good credit risk)
- newyankee 4y agoI visited NCR for first time recently and found that although the metro is amazing, NCR still remains a large urban sprawl whose land potential has not been utilized properly. With continually developing infrastructure on more metro, RRTS etc. hopefully the land utilization also improves.