The problem is not that Nikhil Kamath has flip-flopped on his views on buying a house. The problem is that social media makes the average middle-class person believe that it is worth following in Nikhil Kamath’s footsteps. The man has a net worth of over $3 billion. You have Rs 30 lakh. Their choices cannot be yours. He could buy 10 high-end homes and feel nothing. Your compulsions are completely different.

So, whether they like it or not, the average middle-class family is forced to live in rented accommodation and then go through the pain of moving every few years.

Unfortunately, this scenario is unlikely to change anytime soon. This is due to extreme income and wealth inequality in India. Much of our national income and wealth is concentrated in the hands of a tiny minority at the top. They must constantly invest and reinvest in new assets. So, even if they don’t need new housing, they will invest a certain proportion of their wealth in real estate. This means that property prices will continue to be inflated and out of reach of the middle classes.

In fact, someone as rich as Nikhil Kamath was doing us a favor by not buying a house until now. If the very rich Indians stop investing in real estate, prices will correct. Then, and only then, could an average Indian family afford housing; not as financial assets, but as a place to live.

(The author was Senior Editor of NDTV India and NDTV Profit. He now runs the independent YouTube channel ‘Desi Democracy’. He tweets @Aunindyo2023. This is an opinion piece. The views expressed above are those of the author neither approves nor is responsible for it.)