Do we really need more houses?

It is a curious situation. Buying a property in the prime areas of the country is almost impossible for the salaried, leading to high inventory levels all across the country. But despite being unable to sell, builders continue to build new properties and price them exorbitantly. In sub-urban Mumbai, builders are launching properties starting at Rs 3-10 crore (even Rs 15 crore plus) for three bedroom-hall-kitchen flats. 

The question is that do our cities need more houses? Reports suggest that builders are sitting on over one lakh flats worth over a crore each in just Mumbai and Thane. Even in other cities, the inventories are simply growing. 

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