Corruption to be blamed for high prices in Mumbai realty sector
Corruption has proved to be the main culprit behind slackness of Indian democracy as well as the country’s economy and it is behind the high prices in the realty too.
Adarsh scam has hit the headlines and gone, but its repercussions can still be felt in the realty sector. Although the demand for apartments are comparatively lower this year than the previous year, still the prices have not gone down as government officials are wary of wary of approving any real estate projects for fear that a discrepancy may be exposed as in case of Adarsh.
Corruption has not slowed down after Adarsh. The total price that a buyer has to pay for an apartment, almost 20 per cent are charges that the developers add extra which they themselves have to pay to town planning, municipal, government officials, etc.
The circle of corruption runs viciously and affects every sector including the real estates. Elections are won through excessive use of money by politicians and that amount is later garnered from one’s wallets every time one buys an apartment. Unless this cycle is halted the extra burden on buyers is hard to stop.
To read more real estate news:
Chavan blames Deshmukh for Adarsh scam
Budget housing projects in Mumbai
Source: The Hindu
Adarsh Scam, Corruption, Government officials, Indian democracy, Mumbai realty, municipal, Property Prices, Real estate projects, Realty News, Realty sector, Town planning
