A guest post from someone who I know who is truly suffering the ill effects of the Real Estate boom in Bangalore –
This post goes out to all those whose parents have prudently invested in property in Bangalore – THANK YOUR LUCKY STARS.
The fact that you dont have to pay ridiculous sums of money every month for the cubby hole that you stay in itself is proof enough.
My landlord takes his money on the 1st of the month – my poor account struggles to keep a healthy balance – the biggest chunk which goes away thanks to house rentals! Those of us who have stayed in Bangalore for a while now, (in rented accomodation, ofcourse) have noticed how crazy the rents have become. When i moved in 2000 I was paying Rs. 3500 for a decent 2 bedroom place in Koramangala. Today the same place has increased atleast 4 times. To top it all, the evil brokers who, will never ever show you houses in your budget but in 2 levels above, have to be paid a whole month’s rent for finding you the little hole you are going to be staying in.
Real estate is apparently booming over the roof in the city. Apartments are selling for 12 crores (what the @#$%! – with that much I would manage more than 3 lifetime visits to Inox, i guess?!) and the best part is that they are all sold out. Property developers dont even bother marketing their apartments – buy it now or someone else will is their attitude.
Seems like we’ll need to win a KBC or sign your life out to a fat home loan to actually invest in property here.
Why! why do bad things happen to good people (like Ross says in Friends)
P.S: I’ve succumbed to signing my life out to a fat home loan – my bank account is now taking an even bigger beating… why why?!