Well one swallow does not a summer make…nor am I sure about this being a trend…however here it is.
Real estate prices in Mumbai have (had) grown far beyond the typical working class person. So much so that real estate replacement price and not the product determines the final selling prices. So if you have a restaurant in Nariman Point (STATUS) your pricing was a function of the real estate price there. It did not matter how good or bad the food was (sorry Mr. Kamath, but the food continues to be excellent – this was just an example, I ate there last week and am a very happy customer of yours…and have been since 1985 in your various other restaurants too).
Similarly if a 3 BHK sells in Malad for Rs. 4.5 crores – what do you tell a fresh MBA from Allahabad trying to make a career in Mumbai? ‘Ok girl do not worry if your salary does not go up …in about 200 years you will be able to own the house without any loan outstanding?’ Sounds ridiculous.
So when you see such a news item you wonder whether it is a simple story or the beginning of a trend…
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