Do you know that in Monaco you will be kicked out of your home if you don't use it for at least 6 months. That's the rule they have come up with wherein they are actively focusing on Resources getting utilised for the people and not for some flipping business. They track your utility usage, monitor occupancy, and if your home is sitting empty, they'll call you out. Because in Monaco, property is treated like public infrastructure. If you're going to lock it up and leave it in the dark just to make a buck out of your property, then you don't belong in the market.
Now let's come to India.
We have around 50 crore flats in Mumbai, 30 crore penthouses in Gurgaon, and more luxury towers in the pipeline than there are people to occupy those flats. But here's the problem. No one's living in them. They're just used as money parks where they keep black money or just buy flats for clout and latwr down the road flip the flat for some gain. No one checks if the lights are on. No one cares if the building is half empty or worse completely empty.
And in the middle of all of this, the people who actually want to live in these cities, they are priced out as the prices soar through the roof with this flipping of the properties without the property ever being used. So basically we've built Monaco level pricing without any Monaco level regulation or Monaco level facilities and utilities.
So the question is, should India keep selling dreams to investors or start building homes for people who will actually live in them?
