Real Estate is Sky Rocketing mainly where I stay I.e. in Bangalore. In the covid period we have seen a little stagnate rates of property but last year we have seen a huge jump in the prices. The prices have increased by almost 50 to 100% in some areas. If I talk about my area the average rate of per sqft land was around Rs 3K where as now it is Rs 5K.
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So that means if anyone is planning to go for 1200 sq.ft. land they have to pay Rs 60L whereas 1 year back it was only Rs 36L. And this is the same for apartments too. All the newly constructed apartments rate are more and not the single good apartment is less than 1Cr. And the best part is, people who have save a lot in these covid times are buying it thus there is no way these prices will come down.
A lot of this also happened because the companies are asking people to come to office. This is because people who have money are investing and started giving for giving rent and thus trying to get their investment back. Just like the prices the rent have also increased like anything. The average 2BHK which used to fetch Rs 20K is now fetching more than Rs 35K. So people doesn't have a choice, either give a high rent or go and buy the house and get trap.
I have seen people selling their home or land in their hometown and trying to buying it here so that they can be part of this high selling business. For me I am trying to stay in rent as much as I can also for me the rent has not increased because I am staying here for the last 3 years and it's little in the outskirts.
The problem is with the prices are increasing, the salary are not increasing and people not able to save as much as they liked. All their money is spend on housing and groceries and other things.
