The cost of living is high in India, as I mentioned the last time.
The dominant theme around where I live in Kalyani Nagar in Pune is one of massive construction. Multistoried residential buildings, shopping centers and office complexes are sprouting with astonishing rapidity. Despite the increase in the quantity supplied of floor space, the quantity demanded is growing even faster. This is evidenced by the fact that the price per square foot of built up space is growing at an astonishing 30 percent or more per year.