Why is Mumbai Real Estate Beyond the Reach of Most Indians?

20.01.2017 • Emerging Markets

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Vivek Kaul – The Vivek Kaul Letter (India)

The idea for this piece came after a conversation with a friend who thought that an apartment priced at Rs 50 lakh in a Tier-II city was pretty cheap.

He was of course comparing prices in that city with that in Mumbai. And any real estate across the country will appear to cheap in comparison to Mumbai prices.

“So what do you think is the right price?” he asked, when I told him that anything would appear to be cheap in comparison to real estate prices in Mumbai.

This Letter is essentially a response to that question.

The economist Thomas Piketty had said in January 2016: “India is a relatively high inequality country with a very strong legacy of extreme inequality for centuries between groups.”

On the same occasion Piketty had also said: “What I’m a bit concerned about is the lack of transparency about certain features of inequality like the income tax data.”

Since then, the Income Tax department has published the income tax data for assessment years 2012-2013, 2013-2014 and 2014-2015.

Income for a financial year is declared in the next assessment year, at the time of filing income tax returns. So, income for financial year 2013-2014, is declared in assessment year 2014-2015.

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