hi Poorna,
The prices of land are increasing because there are some people who are
buying it. The present prices are being set not based on the intrinsic
value of the land, but the affordability of the buyer. I am sure the
value of the land has neither increased, nor has the affordabilty of a
common man has increased. It *has to be* an external entity to make
this possible.
I heard of a NRI who came on a short visit to India recently, and in a
hurry he purshased the land for 4500 per sqyd, where the actual cost
was around 2000 per sqyd.
Most of the NRIs send the money to their parents to purchase the land
in hyderabad. I feels very bad, because the general feeling is, I buy
it. Not because I want it now, but because you want it tomorrow. I have
seen many of my friends parents going around Shamshabad area ( Supposed
site for an international airport ), and buying land where ever they
can put their foot on. ( I really dont know how many of these NRIs
would ever come to see thier lands, and more funnily how many would
come back to see thier lands grabbed by others!)
I agree, that there are land price increases due to political reasons,
but such a sharp increase can only be possible when there is someone
who can afford it. If you ask who is the person who purchased that
piece of land, it would be a NRI. Please note that between the seller
and the buyer (a NRI), there are these local forces that you are
talking about that form several layers with power of attorney to sell
that land.
My father purchased the area of my land for less than Rs100/sqyd, and
nothing can justify the rate of 50000/- per sqyd after 25 years.
Man! you are talking of 500 times (50000%) increase. Mind you, there is
still water supply problems, no proper roads infron of my house. No
infrastrucutre changes.
knk
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