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In late 1990s and early 2000s, IT companies like TCS, Wipro, Infosys were recruiting engineers by hoards. These IT companies grew exponentially, and more and more people were getting added.
Then, these companies were giving big fat checks to their employees, who were spending it like there was no tomorrow. They put money into all the luxuries possible; Big houses, Fancy Cars, Expensive Jewelry, etc.
However, they did not realize, that is a ponzi scheme. Every new recruit is forming the bottom of the pyramid. The early employees, or those at the top of pyramid make money, while others are essentially going to lose money.
However, as they have good salary, and they did not think of their future, they were spending. In came real-estate, and it did not take time for the real-estate prices to go shoring up. Believe it if you may, India’s real estate prices are the most expensive ones in the world.
More.. http://rashmiranjanpadhy.com/2015/01/03/software-engineers-were-digging-their-own-grave/
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