Should we call it policymaking by inertia — to do nothing until external conditions force a reaction? Or policymaking by habit — the wait-and-watch, one-step-at-a-time method in the ongoing economic madness?But when it comes to the absurdly high margins in a competitive sector like real estate, which on Sunday got a boost for low-income housing, the reactions were muted.
For an industry whose net profit margins are 50 per cent — of the Rs 50 lakh house you bought, Rs 25 lakh went to the builder as net profit after taxes — we didn't hear one word about low-cost housing or price cuts. Instead, between DLF, Unitech and Parsvnath, the best reaction was ‘a good first step’.
I’m no votary for controlled pricing. But when I see my taxes go towards supporting the high margins of real estate firms while I continue to be houseless, it offends my sense of economic justice.
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