Housing is still a distant dream for honest middle class Mumbaikar

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Do not get surprised. It is impossible to buy an affordable house for an honest middle class Mumbaikar. It is not only Congress or NCP who are ruling the state but the entire political class responsible for this criminal mess. 

Has any political leader ever bother to find out that how an honest middle class person can buy even a matchbox kind one- room apartment in his monthly salary or income. Monthly average income of a middle class family is around Rs 40 to 50000 per month. Even if he buy a flat costing Rs 25 lac, say he pay upfront Rs 5 Lac from his earnings and take a loan of Rs 20 lac, the EMI will be around Rs19,000. In the double -digit inflation, in remaining salary food, transport, children's education and little luxury may be a dream. And frankly speaking it is not possible to get a one  bed room hall kitchen match box like structure for this amount even in the far distant suburb like Kharghar or Mira Road. 

While I saw just writing this blog, I saw Deepak Parekh's views on TOI app on my IPhone.

Why affordable house in Bomaby in particular and other Metros, Tier I and Tier II cities is particular is becoming a distant dream for middle class ? There are many reasons for it. 

The first one is Bank housing loan, which has initially provided big financial support to a home seeker as with only 20-25% amount of the cost of a new house in your pocket, you may immediately acquire a  house. But this additional stream of money in the housing sector has helped builders to increase their cost.

Then comes the flow of black money from corrupt politicians and babus to the builders, helps them to hold their rates despite the lower demand. In Mumbai, with a very conservative estimate half of the constructed houses are not sold and retained by  the builders as they do not have pressure  to payback from politicians/ babus,  who put their money in their merrily ventures.

Third and the most important reason is a class in society exists who has no problem in paying in large part in cash, the bank loan is taken only to show to tax authorities that money has come from legal channel. This class also make handsome investment in houses, own multiple flats just for super gain in future.

State is more to blame because they have not done any futuristic planning for the city. It do not have a plan which may take care of pressure on urban infrastructure. With the result most of the Government, PSU or commercial offices are only in town side, development of commercial and business nodes  in the far flung areas has not seriously planned, implemented. Developing the nodes, connecting them with fast and smart transport system is a dream.

Prices of housing property can be effectively controlled in case the State is serious about developing housing zones in far distant areas with much faster transport with business and commercial centre. despite cost escalation in construction cost, A class construction cost is still Rs1500 to 1600 per square feet , so in case government provide space for housing at such a  price that the land input cost add only Rs400 to 500 then a 1000 square feet flat may cost only Rs 22 lac. So the solution lies in a farsighted vision of affordable housing in distant urban nodes with super quality life in green and clean environment connected with fast mode of transportation with business areas.

But who damn care honest middle class ?       

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