Giving it all up to call some place home. Chasing a firefly!
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| Image: zazzle.com |
Much to the disappointment of the wife, we continue to live with my folks, in their spacious, centrally located residence. Our friends have mostly made their home purchases, while I wandered around India, working for various real estate firms, living out of rented apartments and sometimes, the airport lounges!
A 1200 Square feet 2 bedroom apartment I lived in, while I was in Bangalore costed INR 40 lacs. That translated into an INR 8 lac down payment and an EMI of about 30 thousand a month for many years to come. Honestly speaking, I was making about 75 grands a month those days. Even if I cut all spending and started saving like a maniac, at 25 grands a month, it would take me 3 years to save up that money!
However, after 3 years, the owner of the house would politely tell me that he expects his real estate investment to give him 100% returns! Okay, so there was a recession and a slump, but the 40 lacs after 3 years would certainly have become 60 lacs! That would have made all my savings and sacrifices fall short by 4 lacs again! (Considering that the monthly 25 grands saving plan worked like a dream!) Am I chasing a firefly on an autumn evening? Most certainly, sir!
I moved to Kolkata, where a decent house in New Town (where buses have just started plying and the nearest market for bread and butter is 5 kilometres away right now) carried a price tag of about 50 lacs on an average. I had done some reckless(if you can call it that) spending by modifying my car, buying a drum kit and Zildjian cymbals which I fancied from school and was no way close to coughing up that down payment.
The few times that the wife and I made love at night, the post 'doing it' conversation was always about how her friends had bought fancy houses and had even made second home investments while I was still trying to keep the voices muffled during the act, lest I should wake up my sleeping parents. I must say I felt pretty sorry about myself. But if 'the friends' could do it, maybe my chance would come as well.
The Kolkata job was challenging and my employers were very good people. I had a good time working for them while I did. I was blessed with a second daughter and my first one started going to play school. My first priority was to give them the best. How we have changed. And it shows in the way we treat our children. Imagine what would have happened if you had asked your dad for a 20 grand play station when you were 6 years old. A retired Russel Peters joke comes to mind immediately. Now, it would probably have to be brought home! That is how we are changing. :)
The increased expenses ensured that there were no substantial savings apart from the forced ones that would meet the minimum Income Tax deductions. Add to that new insurance policies and an increased health insurance premium. You know, these days, the poor have no right to live if infected with an 'expensive disease'!
My home ownership dream became more and more distant.
A colleague of mine whose salary would have been as much as mine, bought himself a nice, 3 BHK apartment for 30 lacs in Kolkata and spent another 7 lacs renovating and furnishing it. He took a 20 lac loan and managed to pay the other 17 odd lacs on his own. The dude must sure know something about money that I do not. And I must admit that I never will! The few lacs I had saved up had halved when I last checked. Am sure it will reduce further and faster than the water levels on the streets after a heavy shower, thanks to India's amazing infrastructure.
Lately, with my consultancy job and this website, I have perished the thought of home ownership. There is no point trying, I have realized. My ugly big car won't climb that hill, hehe.
These days, when a friend from Mumbai or Australia calls while we are having dinner, I just close my eyes and pray that the call is not about announcing another great, real estate purchase. The wife, I guess has become tired of asking. But I am forever hopeful. "Someday, baby, someday", I lie to her. "We will own a nice home in a posh locality".
Thankfully, she does not log on this site!
- Rahul Mishra
About the author
Rahul Mishra is a real estate professional who started his life as a salesman in the year 2001, selling homes in the city of Kolkata. He worked pan India in real estate organisations like MMG Realty, Bengal Shrachi, The Phoenix Mills and The Space Group before helping co found Pillars with a single objective - To make real estate easy!Connect with Rahul Mishra on Linkedin. Add Rahul Mishra to your circles on Google+
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