Why do people buy homes they don’t live in?
I live in the central Mumbai locality of Prabhadevi. When I moved here 17 years back in May 2006, it was a quiet quaint locality lined up with trees everywhere lanes that led to the Arabian Sea. Of course, as was the case with a lot of other parts of central Mumbai, old derelict textile mills were just starting to be replaced by office complexes. Now nearly two decades later, like other areas of central Mumbai, Worli, Dadar, Lower Parel, Parel, Matunga etc., the area is full of residential high rises which cost a bomb. What was largely a lower-middle class middle class area, has become very posh. On the last count, there were at least eight Starbucks coffee shops within a couple of kilometres of where I live.