Housing harvest



Every working Chinese professional I meet these days has this one question for me. What is the cost of an apartment in Mumbai and Delhi?

The first question is popped within moments of settling down to the meeting. What is the cost of a 100 sq m flat in Delhi? Okay, then Mumbai? And 125 sq m? Two bedrooms? How many floors are there in Mumbai buildings? Okay tell me the cost in US  dollars. Yuan?

Please. Don’t make me do the math with so many zeros and constantly changing numbers.

NYT estimated this month that Chinese home prices surged 140 per cent since 2007 and almost 800 per cent in Beijing over the last eight years. An HT report estimates that average housing prices rose by 30-50 per cent in Mumbai and Delhi.

During the financial crisis, Chinese parents went on apartment shopping tours to buy homes for their children studying in New York, London and Los Angeles. Now as Beijing struggles to rein in nationwide property prices, the Chinese middle-class is getting genuinely curious whether India is handling housing price controls better than China. I would hazard a personal guess that India’s doing better, simply because of the extreme stories of house hoarding and shopping I hear in China even when prices are high.

Last October we heard that Shanghai couples were buying fake divorce certificates to be eligible to own a second new apartment.

My friends in India and China are constantly talking about the rising cost of living. But the Chinese I meet also talk about major spending. When I travel to cities caught up in what seems like the world’s biggest building boom, I meet people in their twenties and early thirties with fixed salaries who inevitably discuss their latest designer purchase from a genuine store instead of the fake bags and coats I see worn on the streets of Beijing. In these fast-growing cities in east and south China, I hear young professionals joke about investing their savings in a scruffy apartment in a building bound to go under the bulldozer to make way for a glass and steel mall in a few years. And when that happens, they imagine walking away as one-million-yuan millionaires.

“When Liu Jinshan signed on the dotted line to hand over his home and land to the government last July, the compensation deal made him a multi-millionaire overnight,” reported the China Daily last June. “With 2.4 million yuan ($350,000) in the bank, the 67-year-old farmer immediately splashed out on a car, two apartments and a shop in a new residential area in his native Harbin.”

When I travelled this month to the heart of China’s housing price crisis – the southernmost Hainan province – I expected to run into a struggling middle-class and newly weds unable to afford an apartment. It so happened that the first young professional I met cheerfully said that he had bought one, and then a second apartment, around the peak when Hainan hit global headlines with one of the world’s fastest housing price rise. He was working his way through 30-year bank loans. “Some people own five apartments,” he added coolly, enjoying my stunned expression.

I spoke to a girl who had also bought her own apartment in Haikou, Hainan’s capital. “My friends are envious that I bought my house just before the price rise,” she said. “We stand on the streets and see apartments in darkness. But when we inquire, they tell us the apartments are sold to outsiders with more cash, who drive up the local property prices.”

Beijing declared in December 2009 that this sleepy Goa-like state would be transformed into an international tourism destination by 2020. The announcement sent property prices soaring. In one of Hainan’s two cities – Sanya – the only construction projects I saw and heard of during three days were oversize luxury hotels, high-end apartments and beachfront villas. The island has only half a million people. On long drives on the empty highway, my taxi would pass five-star resort after resort but no traffic. A local resident gave me an explanation. “The one place you will see a large crowd of people is in the real estate office selling Spanish-style villas by the bay.”

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  • Kushal

    Thanks, Sushmita!

    [Reply]

  • Anamika

    Oh!!! This is divine intervention – a physiotherapist named Dr. Bookwala I mean. I’m sure you’re attending every session religiously, just to have a chance at calling out aloud to her ;-)

    Hope your wrist has healed and you’re better.

    Cheers!

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  • Goldie

    very wisely written…the wisdom actually drips….what you have pointed out was completely unknown to us…we are so blessed to have you….

    thank God for Vir & Rushdie…both of them are very important to us a nation…and what an important topic this is…of such national importance….we must devote lines and lines of print on this while our beloved netas laugh all the way to bank(swiss variety)

    and look at the marvelous role Govt has played “I was pleased to see that, on this occasion at least, the government did not give in to this kind of vote bank blackmail” …
    Vir Sir this one is a faux Pas…you just admitted that the govt has been getting blackmailed all the while…for this mistake we will allow to take your words back…you are a journalist of national repute and very vital importance to the nation…

    This piece reminds me of that famous couplet. ” Barbaad gulistan karney ko, ek hi ullu kaafi hai, har shaakh pay ullu baitha hai, anjaam e gulistan kya hoga”

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  • Anonymous

    Most of the time I feel Vir Sanghvi must be banned from writing ! Today you have admitted many facts, which normally you would prefer to neglect. Well, your loyalty to the Government of the day is well known.

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  • Richa

    Mr.Obama, wherever he has to comment about muslim extremism troubling the world smartly says, “Islam is a great religion” and silences all muslims as they feel secure….United States of America knows nothing more is needed. In India too lip service has gone on for muslims right from the time of independence. Sometimes one feels it is justified. If as a community they have to join the mainstream, get a share in development of the country they will have to look inside and reform themselves. Entire country discusses this in their drawing rooms, why don’t muslims in their personal laws end four marriage right of men, pathetic condition of women as per their law, etc. They are not willing to evolve ideals to be followed in their own family, what will they give to the country. Laws are ideals. But people are not willing to acknowledge this problem publicly. Those who do are branded communal…No wonder one writer is enough to scare the Government over poll prospects…

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  • Anita

    The only difference is Taslima Nasreen and Salman Rushdie have come to India. While MF Hussain was hounded out of India. Ramanujam essay was banned and Cow slaughter ban has been applied with a clause of guilty until proven innocent and 7 year prison sentence. Even if you kill a person you get 7 year sentence.

    So the govt. has been more practive in projecting the Hindu community to be more illeberal and regressive as the Muslim extreme demands never get met in any case.

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  • Paul T

    Actually praying to the Sun makes people look like idiots and those who can’t see that are insecure or narrow minded.

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  • RajX

    Khorakiwala sounds like a great, honest and ethical business person as well as a educationalist. Hats off to him for his achievements. Wonder why his death did not make the feont pages? Is Zia mellowing or what? No “us against them” and “world against ummah” type articles from him the last two times? Miracles can happen even in Kalyug I guess.

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  • Anonymous

    Shan,

    Why have you stopped visiting Mr. Sharma’s blog ?

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  • Anonymous

    Zia is nuts. Most of the people in Mumbai/Pune know about Akbarallys. Most of their clients were well off hindus, parsis etc. The common muslims were never seen in their store however Bohris were a common sight but I don’t consider them as part of common muslim population. They are too sophisticated to be clubbed with ghatia converts like Zia.

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  • engrich

    for mr akbar ali,

    Ho na ye phool to bulbul ka tarannum bhi na ho
    Chaman-i dhr men kalyun ka tabassum bhi na ho
    Ye na saqi ho to phir mai bhi na ho khum bhi na ho
    Bazm-i tawhid bhi dunya bh na ho tum bhi na ho
    Khema aflaak ka istada isi naam se hai
    Nabz-i hasti taphis aamada isi nam sey hai

    (If there is no flower nightingale music should also not be
    In the world’s garden smile of flower buds should also not be
    If there is no cup bearer, wine and decanter should also not be
    Tawhid’s Assembly in the world and you should also not be
    The system of the universe is stable by this very name
    The existence’ pulse is warm with this very name.)

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  • engrich

    distance between jinnah village and ghandhi village is only 9 miles.

    [Reply]

  • ENGRICH

    Teesta Setalvad
    Sent: Saturday, April 7, 2012 2:09:08 AM
    Subject: Narendra Modi loses out in TIME Magazine Poll

    Great News Folks!!! All our collective efforts worked……

    Narendra Modi, who was leading as the No.1 candidate in the TIME’s poll on the 100 most influential people of the year till yesterday, lost out badly in a last minute upset which saw him drop down to the 3rd rank after Anonymous and Erik Martin. Moreover, until two days back he had garnered nearly 80% YES votes by mobilizing the Gujarat government’s publicity machine but when the poll closed this morning, there were 10,000 more NO votes (266,684) for Modi than YES (256,792) and distaste for him among people got the better of sarkari votes. TIME’s editors will be choosing the top 100 people based in part on the results of this poll on Tuesday April 17.

    Thanks to everyone for doing your part in voting the criminal out of his desired top position. Similar effort and participation is needed albeit on a larger scale to vote him out of office in Gujarat. It can be done.

    http://www.time.com/time/specials/packages/article/0,28804,2107952_2107959_2107960,00.html

    Teesta Setalvad
    ‘Nirant’, Juhu Tara Road,
    Juhu, Mumbai – 400 049

    http://teestasetalvad.blogspot.com/
    http://www.cjponline.org

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  • ENGRICH

    shenoyv gopi and vihu good time to make 10million dollars

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  • Anonymous

    nice inspirational piece. why not one on the reticent Azim Premji?

    [Reply]

  • ENGRICH

    Untangling myth from fiction: Mughal Emperor Aurangzeb’s Reign of Power

    Untangling myth from fiction: Mughal Emperor Aurangzeb’s Reign of Power

    by Habib Siddiqui

    “It is difficult to untangle this historical mess without scrutinizing the accusations against Aurangzeb rationally. Fortunately, in recent years quite a few Hindu historians have come out in the open disputing those allegations.”

    In a polarized world that we live in (which is, sadly, getting ever more polarized now by every minute and hour), we have often assumed that what is good for “our” people had to be bad for the “other” people. A glaring example is the personality of Mughal emperor Aurangzeb, who ruled India for 50 years. Of all the Muslim rulers who ruled vast territories of India from 712 to 1857 C.E., probably no one generates as much controversy as Aurangzeb. He has been hailed as anyone from a “Saintly or Pauper Emperor” to one who “tried hard to convert Hindus into Muslims.” Depending on one’s religious rearing, one will favor one view over the other. For example, most Hindus castigate Aurangzeb as a religious Muslim, who was anti-Hindu, who taxed them, who tried to convert them, who discriminated them away from high administrative positions, who interfered in their religious matters. On the other hand, Muslims consider him to be one of the best rulers who was a pious, scholarly, saintly, un-biased, liberal, magnanimous, tolerant, competent and far-sighted ruler. To prove the view of the former group, a close scrutiny of the Government-approved text books in schools and colleges across post-partition India (i.e., after 1947) is sufficient.[1] The second group depends mostly on pre-colonial (and some pre-partition) history, land-grant deeds and other available records.
    It is difficult to untangle this historical mess without scrutinizing the accusations against Aurangzeb rationally. Fortunately, in recent years quite a few Hindu historians have come out in the open disputing those allegations. For example, historian Babu Nagendranath Banerjee [2] rejected the accusation of forced conversion of Hindus by Muslim rulers by stating that if that was their intention then in India today there would not be nearly four times as many Hindus compared to Muslims, despite the fact that Muslims had ruled for nearly a thousand years. Banerjee challenged the Hindu hypothesis that Aurangzeb was anti-Hindu by reasoning that if the latter were truly guilty of such bigotry, how could he appoint a Hindu as his military commander-in-chief? Surely, he could have afforded to appoint a competent Muslim general in that position. Banerjee further stated: “No one should accuse Aurangzeb of being communal minded. In his administration, the state policy was formulated by Hindus. Two Hindus held the highest position in the State Treasury. Some prejudiced Muslims even questioned the merit of his decision to appoint non-Muslims to such high offices. The Emperor refuted that by stating that he had been following the dictates of the Shariah (Islamic Law) which demands appointing right persons in right positions.” During Aurangzeb’s long reign of 50 years, many Hindus, notably Jaswant Singh, Raja Rajrup, Kabir Singh, Arghanath Singh, Prem Dev Singh, Dilip Roy, and Rasik Lal Crory, held very high administrative positions.

    Two of the highest ranked generals, Jaswant Singh and Jaya Singh, in Aurangzeb’s administration were Hindus. Other notable Hindu generals who commanded a garrison of two to five thousand soldiers were Raja Vim Singh of Udaypur, Indra Singh, Achalaji and Arjuji. One wonders if Aurangzeb was hostile to Hindus, why would he position all these Hindus to high positions of authority, especially, in the military, who could have mutinied against him and removed him from his throne?

    Most Hindus like Akbar over Aurangzeb for his multi-ethnic court where Hindus were favored. Historian Shri Sharma states that while Emperor Akbar had 14 Hindu Mansabdars (high officials) in his court, Aurangzeb actually had 148 Hindu high officials in his court. (Ref: Mughal Government) But this fact is somewhat less known. It does not require much intelligence to understand the difference between 14 and 148. But when truth is hostage to bigotry, facts are substituted for fiction, 148 may appear to be smaller than 14 to disingenuous historians, and that is an unfortunate reality we face.

    Some of the Hindu historians have accused Aurangzeb of demolishing Hindu Temples. How factual is this accusation against a man, who has been known to be a saintly man, a strict adherent of Islam? The Qur’an prohibits any Muslim to impose his will on a non-Muslim by stating that “There is no compulsion in religion.” (Qur’an: Surah al-Baqarah). The Surah al-Kafiroon (The Unbelievers) clearly states: “To you is your religion and to me is mine.” It would be totally unbecoming of a learned scholar of Islam of his caliber, as Aurangzeb was known to be, to do things which are contrary to the dictates of the Qur’an.

    Interestingly, the 1946 edition of history text book, Etihash Parichaya (Introduction to History), used in Bengal, published by the Hindustan Press, 10 Ramesh Dutta Street, Calcutta, for the 5th and 6th graders states: “If Aurangzeb had the intention of demolishing temples to make way for mosques, there would not have been a single temple standing erect in India. On the contrary, Aurangzeb donated huge estates for use as Temple sites and support thereof in Benares, Kashmir and elsewhere. The official documentations for these land grants are still extant.”

    A stone inscription in the historic Balaji or Vishnu Temple, located north of Chitrakut Balaghat, still shows that it was commissioned by the Emperor himself. The proof of Aurangzeb’s land grant for famous Hindu religious sites in Kasi, Varanasi can easily be verified from the deed records extant at those sites. The same text book reads: “During the 50-year reign of Aurangzeb, not a single Hindu was forced to embrace Islam. He did not interfere with any Hindu religious activities.” (p. 138) Alexander Hamilton, a British historian, toured India towards the end of Aurangzeb’s 50-year reign and observed that every one was free to serve and worship God in his own way.

    These above references clearly show that accusations of forced conversion and religious intolerance are false. It is also evident that since the independence of India in 1947, there has been an overt attempt by revisionist, bigoted Hindu historians in India to malign the Muslim history.

    Now let us deal with Aurangzeb’s imposition of Jizya tax which had drawn severe criticism from many Hindu historians. It is true that Jizya was lifted during the reign of Akbar and Jahangir and that Aurangzeb later reinstated this. Before I delve into the subject of Aurangzeb’s Jizya tax, or taxing the non-Muslims, it is worthwhile to point out that Jizya is nothing more than a war tax which was collected only from able-bodied young non-Muslim male citizens living in a Muslim country who did not want to volunteer for the defense of the country. That is, no such tax was collected from non-Muslims who volunteered to defend the country. This tax was not collected from women, and neither from immature males nor from disabled or old male citizens. For payment of such taxes, it became incumbent upon the Muslim government to protect the life, property and wealth of its non-Muslim citizens. If for any reason the government failed to protect its citizens, especially during a war, the taxable amount was returned.

    It should be pointed out here that while Jizya tax was collected from able-bodied non-Muslim adult males who did not volunteer to join war efforts in a Muslim-administered country, a similar form of war tax was also collected from able-bodied Muslim adult males who refused to join war efforts to defend the country. There was, therefore, no discrimination between able-bodied Muslim males and able-bodied non-Muslim males when it came to the payment of war-tax, as long as the person in question would not volunteer in war-efforts for defense of the Muslim-administered state. Zakat (2.5% of savings) and ‘Ushr (10% of agricultural products) were collected from all Muslims, who owned some wealth (beyond a certain minimum, called Nisab). They also had to pay sadaqah, fitrah and Khums. None of these taxes were collected from any non-Muslim. As a matter of fact, the per capita tax collection from Muslims was several fold that of non-Muslims.

    I would also like to state here that before the advent of Islam in India, Rajputs living in western India used to collect a similar form of Jizya or war tax which they called “Fix” tax. (Ref: Early History of India by Vincent Smith) War tax was not a sole monopoly among the Indian or Muslim rulers. Historian Dr. Tripathy mentions a number of countries in Europe where war-tax was practiced. (Ref: Some Aspects of Muslim Administration by Sri Tripathy)

    Let us now return to Aurangzeb. In his book “Mughal Administration,” Sir Jadunath Sarkar, [3] foremost historian on the Mughal dynasty, mentions that during Aurangzeb’s reign in power, nearly 65 types of taxes were abolished, which resulted in a yearly revenue loss of 50 million Rupees from the state treasury. It is also worth mentioning here that Aurangzeb did not impose Jizya in the beginning of his reign but introduced it after 16 years during which 80 types of taxes were abolished. Other historians stated that when Aurangzeb abolished eighty taxes no one thanked him for his generosity. But when he imposed only one, and not heavy at all, people began to show their displeasure. (Ref: Vindication of Aurangzeb)

    I could see how even fair-minded individuals like Nobel Laureate Professor Amartya Sen may have been deceived by the deadly venoms of dishonest, prejudiced historians whose sole aim has been to smear Muslim history. Such intellectual dishonesty by historians is dangerous – more explosive and more damaging than nuclear bombs. We have already seen its hideous effect with the destruction of Muslim historic sites (including the Babri Mosque) and recent riots in India that killed thousands of Muslims. Let us not fall into the trap set by those who want to “neatly divide our world.” Let truth vanquish falsehood.

    Notes:

    [1]. For example, see Shri Binoy Ghosh’s Bharatjaner Etihash (Bengali for: History of Indian People), Kolkata, West Bengal, India.

    [2]. Quoted in Chepe Rakha Itihash (The History – Hushed Up) by G. A. Murtaza, Barddhaman, India.

    [3]. He demonstrated his vast knowledge of Persian-language (the official language during the Mughal period) sources. However, he was a Euro-centric historian and thus, not flawless in historical accounts. He served as the Vice Chancellor of the University of Calcutta (1926-28).

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  • anil

    Zia Haq is now a “champion”! Join Bollywood and you will make better living!

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  • http://profile.yahoo.com/LRRVGRQZ7OJLNH6CLQKOGYRF44 Long_memory

    SM Hali is the buffoon who writes stories of fantasy pinning imaginary fault on India in their rightwing news paper ‘The Nation’ (www.nation.com.pk) ..Google him to get an idea of this fool – if this was the type of audiences u met with, you were better off eating biryani at Food street in Lahore

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  • RajX

    Zia, good job.

    “On record at that. Major Iqbal, he said, was a classmate of 26/11-accused David Headley, had long retired from the Pakistani army and lived abroad.”

    Interesting to know that the iqbal guy lives abroad. Wonder where?

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  • http://www.facebook.com/people/Fair-Reforms/100001048670263 Fair Reforms

    If he had any sentiments for this country he would have changed his name first. If the Pakistani public has to confide with him he must have blamed India and supported Pakistani views. There must be a law to severely punish such anti-national black sheep who eat Indian bread and work against its interests.

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    Anonymous Reply:

    Lets not let our faith get in the way of our patriotism. I have read Zia’s blogs, and disagreed with him often, but let us not forget that we are all batting for the same side.

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  • omar

    Change name? For what ? Unless you people change your communal mindset India will remain divided

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  • Abu Ahmed

    Glad to learn that Pakistani people including army and politicians are veering around to the point that Indians are not their enemy # 1. Had they realized this fact in 1947, there would have been no wars between the two countrty would have prevailed in the sub-continent during all these years. Alas.
    On the Indian side, glad to see the Hindu leadership of many a political party recognizing Indian Muslims’ problems and power (latest U.P. elections) and are talking (just talking as of now) of providing 18% reservations from the OBC quota in education, jobs and welfare schemes.
    Guys, had Nehru, Patel & Jinnah come to some agreement on Muslim reservations before 1947, there would have been no Partition at all.
    It needed the USA’s bombs to teach Pakistan a lesson.
    It needed Indian Muslims’ votes to teach Indian Hindus a lesson.
    Glad both of them are learning well, after all said and done. Let us see some positive action on the ground for a change.

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    RajX Reply:

    Arabized nitwit. Do you understand what will happen if the Hindus decide to teach the Muslims a “lesson”? Islamist Fanatics like you are the reason why the BJP still exists. If you go the way you are going, maybe the Hindus will decide to teach your ilk a lesson and do a block vote for BJP.

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  • Anonymous

    Waal-arda madadnahawaalqayna feeha rawasiya waanbatnafeeha min kulli shay-in mawzoonin
    And the earth We have spread out (like a carpet); set thereon mountains firm and immovable; and produced therein all kinds of things in due balance.
    Qur’an 15:19

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