It has been quite a while since I posted. What would be a better way to start out than providing a link that bashes current real estate prices. ??
"Anmol Choubey, 35, a general manager in a media company, has lived in Malad, north Mumbai, on rent for five years. Despite pressure from his parents and wife to “settle down”, he has no plans to buy a house in the foreseeable future. To him, it adds up. “I want a certain standard of living, certain amenities, certain kinds of people as my neighbours, certain kinds of children to play with for my son. I get that here for a rent of R
s. 20,000. The 10% hike in rent written into my contract gets covered by an average 15-20% hike in my salary every year. To buy the same place, I’d be spending Rs.80k as EMI on a housing loan, apart from exhausting my savings on down payments. If I try to lower my EMI, I will end up moving to a place I don’t really want to live in,” he explains. He first rented the place in Malad when he worked in that area. Today, he works in south Mumbai. “Tomorrow, I may move closer to work, or out of town, or out of the country. I don’t see why I should be tied down by a large financial commitment,” he says."
"Anmol Choubey, 35, a general manager in a media company, has lived in Malad, north Mumbai, on rent for five years. Despite pressure from his parents and wife to “settle down”, he has no plans to buy a house in the foreseeable future. To him, it adds up. “I want a certain standard of living, certain amenities, certain kinds of people as my neighbours, certain kinds of children to play with for my son. I get that here for a rent of R
s. 20,000. The 10% hike in rent written into my contract gets covered by an average 15-20% hike in my salary every year. To buy the same place, I’d be spending Rs.80k as EMI on a housing loan, apart from exhausting my savings on down payments. If I try to lower my EMI, I will end up moving to a place I don’t really want to live in,” he explains. He first rented the place in Malad when he worked in that area. Today, he works in south Mumbai. “Tomorrow, I may move closer to work, or out of town, or out of the country. I don’t see why I should be tied down by a large financial commitment,” he says."
Another one..."The sense of ownership of 850 sq. ft has come at a price: “I do not remember the last time I went to a pub. I do not own a credit card. I dine out sometimes, but I do not go to a fancy restaurant. I live a simple, hermetic life,” he says. With a
57 lakh loan, he even questions the cost of his food. To what end? “I don’t foresee myself living here 10 years from now—infrastructure, water, traffic—this is not the dream. Imagine having children in this state! I can’t even think about it"
57 lakh loan, he even questions the cost of his food. To what end? “I don’t foresee myself living here 10 years from now—infrastructure, water, traffic—this is not the dream. Imagine having children in this state! I can’t even think about it"
Read the full article at Livemint
