Wednesday, July 02, 2014

Sad state of housing

It is every person's However Rich he might be  to have a House(read home) of his own. While we keep hearing from our previous generation, that the land was so cheap here, People who bought here became Millionaires. I'm or many of my friends who are in the fray to buy a house don't expect it to be like that. Primarily because many don't have the patience or Time to Build and maintain big houses.
Off late, out of sheer pressure of Ever rising Rents demanded by Owners, I started looking out to buy a House. Buying a house is a life time commitment, Not because it is where you stay for a large portion of your life. But the EMI we keep paying for the rest of the life. Literally.

In Bangalore, I see an absurd concept of Rental advance , which is 10 months of rent paid per month. For a decent house in a good locality it comes to around > 2Lakhs.  I want to question the greedy owners, Why not accept the money as a security deposits and give back the interest on the Security deposit back to the tenants. After all , even in the worst case the damage charges would not cost more than the 10 months of Rent. Is it even legal?. to accept such high security deposits?

Putting the pain of Renting a house aside, Buying a house is much more greedy affair. Ofcourse we are not expecting the Real estate businessmen to do a charity of providing low cost housing to all. But a lot of builders who claim to provide 90% open to sky ventures, I would like to understand How will it help a average person to stay in a gated community with 90% open to sky area. Isn't it the responsibility of the Muncipality to provide a livable environment with Parks & Play grounds. On top of this crazy concept, The houses are sold at 30% higher cost than the actual livable area of the house, which makes it more absurd. In the first place this is a apartment. Of all expenses the land is at the highest premium, which is shared between literally hundreds of houses, Why should any one pay for the common areas which is 30% more than the livable area?.

Adding to all these, the areas where the price is highest are the ones which are not even accessible by a good road, I asked a sales person there is not even a road, or any decent development in 10 km radius, why on earth is he charging such a hefty premium?. I was shocked at the answer, "Sir this is by xyz company, which is a very trust worthy company you have to believe that this area will develop in future".  I want to understand just because xyz company builds houses in an area will that area develop?.  I only see it as a greedy business where the companies just want to Mint millions at the cost of giving sub standard living experience to customers who for their rest of their lives keep paying EMIs.

Before the government or law tries to take some measures and bring out efficiently planned layouts, and  come up with low cost housing.  I want to question people, who are shelling out huge amounts of money, Why?.



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