July 16, 2006

!!

Most of the magazines published in the west carry a feature on India. Recently, I happened to read this interesting topic in a business magazine. (couldnot find the link)

:Are the programmers overpaid ?:

The article had references to Indian scenario also. Few of the points stated were:

1. In certain regions of India,the real estate boom is because of mid-aged IT professionals
2.They invest in land/house costing 25+ lakhs to save on tax
3.So, middle class earning people and non techie people are left to struggle with the inflation rates.
4.IT boom favors only a section of society
...........
Though its not fair the blame the IT people solely for inflation, they do seem to create an imbalance in the society .We have seen tech savvy chief ministers like Chandrababu Naidu, SM Krishna lose their seats because they concentrated more on the urban upscale population.

A question : Is there a positive influence of the IT salaries on other professions ?

Vatsan's post on Chennai real estate market

3 comments:

யாத்திரீகன் said...

thatz perfectly true prabhu.. lands costing around 40/50 L exists.. and they arent in the city but are at the outskirts....

other than that..... a not much bargaining generation is comming up .. to the happiness of labour ppl and to the worriness of other middleclass housewifes :-)

Syam said...

If the rates are inflated coz of IT people wanted to save some money on tax, then govt should jump in to enforce a nominal tax on IT guys,that will save middle income group from opting out for a land or flat...

mitr_bayarea said...

Prabhu-

You have voices your opinion well. Of course, the IT folks are a significant factor in the real estate upsurges in Chennai. Not only that, car loans, etc. have all gone up like crazy. If you work out the math, buying a land/house in a popular locality in Chennai works out to be the same as buying a home in Bay Area, California.

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