Cost of living greatly increasing

[shastarSingh]

Cost of living has greatly increased in India. Is it worldwide phenomena?

Buying a new house for the present generation is getting really tough here.

[GurjantGnostic]

1 hour ago, shastarSingh said:

Cost of living has greatly increased in India. Is it worldwide phenomena?

Buying a new house for the present generation is getting really tough here.

Skyrocketing. 

[Kaurr]

On 3/16/2022 at 8:02 AM, shastarSingh said:

Cost of living has greatly increased in India. Is it worldwide phenomena?

Buying a new house for the present generation is getting really tough here.

Mate, come to Melbourne. 10 years ago, a 3 bedroom house in my area was worth around $350k. Now it's $800k+, and our area isn't even that rich. 

[SikhKosh]

Its a worldwide phenomena and banks are getting stricter when giving out loans, thus making it even harder for first time buyers to buy in most cases.

Luckily I started investing in real estate at a very young age (not so long ago). My portfolio has more than doubled in less than a decades time.

 

[proactive]

One of the things which used to surprise us when we first came to the UK was when goray would openly say that they could not afford something. In the Punjabi mentality, openly admitting that one cannot afford something was seen as a sign of failure and dishonour. This is not to say that Punjabi would buy things that they couldn't afford although I think that started to happen in Punjab especially with the expensive weddings paid for by loans from Artiyas. 

The best thing you can do as a parent nowadays is to to start to teach your children about everyday economics at an early age. It is shocking how little the schools teach children about this. 

[shastarSingh]

Central banks of all countries are printing money like crazy.

These big bank people are maha paapi in my opinion.

[BhForce]

On 3/15/2022 at 2:02 PM, shastarSingh said:

Cost of living has greatly increased in India. Is it worldwide phenomena?

Buying a new house for the present generation is getting really tough here.

Around 2003 or so, policies of the BJP govt lead to skyrocketing levels of wealth for their favored constituencies (Bombay financial types and traders) plus huge amounts of "black money", they started putting it into hard assets like property.

People couldn't figure out why land prices were going so high.

It wasn't to buy a house to live it. It was to park black money.

Meanwhile, people who just wanted a place to live couldn't afford it.

It continues on to today.

[proactive]

31 minutes ago, BhForce said:

Around 2003 or so, policies of the BJP govt lead to skyrocketing levels of wealth for their favored constituencies (Bombay financial types and traders) plus huge amounts of "black money", they started putting it into hard assets like property.

People couldn't figure out why land prices were going so high.

It wasn't to buy a house to live it. It was to park black money.

Meanwhile, people who just wanted a place to live couldn't afford it.

It continues on to today.

Land prices in Punjab also went through the roof in the early 2000s to around 2014. The price of an acre which could at best command a maamla of between 30-45,000 rupees a year was 40-50 lakh rupees. Some close to the main road like GT road but still far from any town were being bought for 1 crore. Nowadays an acre is between 15-20 lakh an acre in the villages. 

[BhForce]

Just now, proactive said:

Land prices in Punjab also went through the roof in the early 2000s to around 2014. The price of an acre which could at best command a maamla of between 30-45,000 rupees a year was 40-50 lakh rupees. Some close to the main road like GT road but still far from any town were being bought for 1 crore. Nowadays an acre is between 15-20 lakh an acre in the villages. 

Right, and what rational connection was there between 1/2 crore per acre land price vs the income you could derive from that land from crops? Seemingly, none.

Which leads you to the conclusion that something else was going on.

Let me take this opportunity to tell everybody: Never sell your jaddi (ancenstral) land back in the homeland. Doesn't matter what price some trader or some corporation offers.

[proactive]

16 minutes ago, BhForce said:

Right, and what rational connection was there between 1/2 crore per acre land price vs the income you could derive from that land from crops? Seemingly, none.

Which leads you to the conclusion that something else was going on.

Let me take this opportunity to tell everybody: Never sell your jaddi (ancenstral) land back in the homeland. Doesn't matter what price some trader or some corporation offers.

The maamla income per year is hardly 1% and yet if the money was parked in a savings account then it would get interest of 7-10%!  90% of it is black money and 10% is speculators thinking that the price would go up to 2 crore! 

Anyone who sells their land in their village is cutting off their links to their ancestral land and no amount of money can justify the harm they have done to their coming generations that the loss of a link to Punjab entails. If you own land in the village you are never a foreigner. 

For those who would like to look at the Jamabandis (land records) in their villages. This site will let you access them if you know what your grandfather's name was as the land recorded as father's name son of grandfather's name son of great grandfather's name

Home - Punjab Land Records

In some of the Jamabandi records you can also find that the owners name also mentions the Patti that you belong to, that is the name of your ancestor from from whose lineage you are descended from.