Owning a Home: A Costly Dream in India?
The dream of owning a home is a cherished aspiration across the globe, but in India, it's increasingly becoming a costly reality. While the allure of owning a property remains strong, rising costs are making this dream a distant prospect for many.
Rising Costs: A Multi-faceted Challenge
Several factors contribute to the escalating cost of homeownership in India:
Construction Costs: Inflation, labor shortages, and rising material prices are pushing up construction costs. A recent report by the National Real Estate Development Council (NAREDCO) found that construction costs have increased by 10-15% in the past year. [Source: NAREDCO Report, 2023]
Land Prices: Urbanization and increasing demand for housing in major cities are driving up land prices. A study by Knight Frank found tha...