‘Brain drain, now rent drain’: Reddit post blames NRIs for soaring prices, demands tax hikes on NRI property purchases

Although Ultra luxury in Ultra, more than 100, high-ranking Indian cities, many medium-class buyers fight skyrocketing prices, high loan interest rate and high mortgage conditions. Delays of institutions, headlines of incomprehensible land and limited housing options later complicate the market.

Recently, Reddit user debates, calling for government intervention to regulate NRI’s property purchases, claiming that they push resident Indians to lease life.

Referring to this trend as “rent”, “the post reads. The government should seriously look at it and do something about it. The sea combines every new housing project, and the resident Indians are forced to become eternal tenants. This double drains India. The first drain of the brain. Then hire a leak. ”

The post was resonated with many, several users call on higher taxes and stamps on NRI property purchases.

“Thus, the real estate lobby is very strong in India and is closely cooperating with ministers. So this will never happen. To solve this confusion, all governments must do if you have more than 3 residential properties and additional 10% stamped if you are NRI. But it will not happen. Govt preferred to spend time on latent, “commented one user.

Another user offered the second home purchase increase, noting “Black money in the soil, bribery and this dollar for boys. Please stay away from Indian real estate. The government must increase the tax on the second home / property up to 25%. These rates cannot continue. Indians living in India who earn in Rupees cannot allow home. ”

The discussion also highlighted how the investment of property NRIS is a global problem.

“More houses that have bought Indians (from the water to the whites in the Western countries, to the United Kingdom, Ireland to call some. This NRIS is their pains pain.

However, some claim that NRIS is not only responsible for raising property prices, instead pointing to corruption and black money.

“No. It’s a red herring. It seems to be true but not completely honest. Tong people in India are high driving prices in itself, politicians, builders, business owners, showball. NRIS is just a scapegoat. Discarding them is unlikely to dentist at the actual housing prices. And moreover, they trade white. More income to government, safe trusted money. Prices will decrease only through resolving real estate money, “counteracted the user.

One highlighted the influence of local buyers, particularly well-paying software specialists.

“Most of my city’s apartments go to software engineers with 10+ years of experience. They get really good pay, and the post-war boom got them rich. All this, as well as loans, passed to real estate. ”