The question to ask is not why are rates so high, but why are property prices unaffordable?
In fact, high interest rates are forcing builders to lower prices and inventories of unsold properties. Despite the short-term pain of higher EMIs, the only way to hurt the land sharks is to reduce demand for property. It is also good for people if they don’t splurge on property they cannot afford. The people who are hurting with higher EMIs probably bought properties they couldn’t afford on the assumption that rates will keep falling or that incomes will keep rising. This is the bitter lesson of the last decade of high loan growth.
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Next, let’s look at oil prices.
Mamata Banerjee has raised a shindig because she was not “consulted”
Even so, petrol users are asking why have petrol prices been raised so often, when international oil prices are stable or falling? It is the right question, but does not go deep enough. The surface answer is the rupee has depreciated.
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