I overheard an interesting discussion yesterday, between Mr. Sudhir Krishna, former Urban development secretary, and Mr. Ramesh Menon, Director of Certes Realty Ltd.
Their topic of debate was whether Delhi demand of residential homes, which is being forecasted at 1.6 million, is a correct number or not. One part of the debate feels that there vacancy rate in Delhi currently stands @ 11%. It essentially means that of the total households currently in Delhi, almost 11% are empty, locked.
Why are so many homes locked? Is it because of the Delhi rent act that people dont want to give their homes on rent? Is it the insecurity of the house owners about illegal occupation by the tenants?
There is serious inequity in Delhi. There is one category / group of people who have more than one house under their name, while the more deserving are not able to afford to buy even one.
I was promised by both gentlemen to widen this debate, and be part of their next session