India is a large country, with an even larger population. Real Estate India, especially in the metro and urban areas is scarce and is mainly driven by demand. Until a few years ago, it was the stronghold of a few, most of it was owned by individual owners and there were almost no large corporations or conglomerates involved in this sector.
Real Estate India was bought and kept for generations as easy buy and easy sell systems did not exist. Even now 99% of India’s urban middle class will buy a property only once, and will probably live in it all their lives.
Even if anyone wanted to buy more real estate India – loans have been difficult to come by, and the interest rates were too high. The young lived with their parents, or in rented accommodation. Rents took a large chunk of their earnings, but the prohibitive interest rates, and scarcity of land prevented them from buying their own homes.
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