DelhiDesk The central Mumbai locality of Prabhadevi has transformed from a quiet and quaint area lined with trees to a posh neighborhood full of residential high rises, much like other areas of central Mumbai. However, many of these expensive flats remain uninhabited, suggesting that they are either unsold or bought as investments or for conspicuous consumption. This creates the wrong kind of incentives, pushing up prices for everyone else and creating a concentration on the upper end of the market, while affordable housing in India remains costly. The government’s tax concessions for buying unnecessary homes should end, but cultural values may still drive people to buy homes as a status symbol.
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Here is the news bullets sorted by DelhiBreakings.com team.
👉 Central Mumbai locality of Prabhadevi
👉 Quiet and quaint when moved in 17 years ago
👉 Old textile mills replaced by office complexes
👉 Now full of expensive residential high rises
👉 Many flats remain uninhabited
👉 Conspicuous consumption – buying expensive flats to show off wealth
👉 Creates wrong incentives and pushes up prices for everyone else
👉 Affordable housing in India is a joke
👉 Government incentivizes people buying homes they don’t need
👉 Culturally ingrained value system of signaling wealth through real estate
👉 Pricking this bubble would be a good start.
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