Property prices may come down by 20% if corruption reined in
It is probably good news for people like me who are looking at buying a property next year but not sure if tis good for existing owners.
MUMBAI: Rooting out corruption could help lower home prices by as much as 20%, said Deepak Parekh, chairman of Housing Development Finance Corp, India's biggest mortgage lender, putting the blame for graft in the system on errant bureaucrats and faulty policies.
"Corruption is rampant in the sector. There is multiplicity of approvals and at each approval stage if you have to pay, the ultimate product is going to be more expensive. As buyers, we are paying for it," Parekh said in an i ..
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