The prices were sky-high because ppl started seeing this as an investment opportunity and the ppl who really needed a house could not afford. Even if ppl didnt have the capacity to buy a single house the booked 2-3 apartments by paying the booking amount and taking the rest on loan. They thought that they will sell it off after 6/12 months with some handsome profit, but it started to hit where it hurts more when they could not afford the EMI and could nto find any buyer ready to buy their second hand flats especially when builders are ready to give new flats for that price. Taking the advantage of the realty boom even a pan-wallah became a broker/real-estate agent and even ppl who cant meet their ends before the boom started building apartments by demolishing their jhopad-pattis. Banks also pumped in huge money into the market in terms of housing loans by finding easy scape goats in the the form of an IT-Guy, who never knows if his job is there tomorrow or not, but readily takes a loan of 50 Lakhs. Builders and Banks are the real gainers. Poor IT-PPl are made the fools to buy the property with unrealistinc prices. So sad. Its high time Some relating law is passed and ppl also should be more careful.
