Monsoon continues, as I type down my post the rain drops pitter patter on my window panes. How many of us get to experience of sitting the window side when it rains with a coffee mug or a good book or gaze at a beautiful sight outside??? All those pleasures might be simple yet they are lovable...enjoy the simplest pleasures of life :)
"For the Global Bengalurian"
"Your Dream is just a touch away"
"Welcome to the Land of Prosperity"
"Charms is what we build"
"10 mins from Airport, 5mins from Main road"
"Adjacent to Tech park..walkable to work place"
"Futuristic Homes, Realistic Prices"
Ufff....give me a break! so many tag lines, not cheesy definitely interesting, but how many??? Open the newspaper and you find a zillion ads from property developers in and around Bangalore. Should be the case with other cities too. So many developments scare the hell out of me coz I hate to imagine Bangalore as just another concrete jungle. Already most part of Bangalore has become so. Imagine, as newcomer if I am feeling so bad for a green city, how would the natives feel? Don't they blame it all on the migrants???
The interesting part or the fact of the matter is that, migrants are not the big reason for so many increasing developments. It’s that Real Estate/Development Company’s greed, and rich people's wealth that has enormously contributed to the concrete jungle. If you can't agree with me, there was an article in the newspaper about the municipal statistical survey results done in Bangalore a month ago...which concluded that more than 30% of the new developments/homes were unoccupied. Not because of the unfinished works or misc reasons, but because most of those are a second home of the owner. This means, those homes were brought for the sake of an investment. And they were not rented out coz the owners are not in mood to earn on their second or third investment. Or another case is that, the owners are NRIs, so this would just be another investment in homeland. They are in no mood to come back and use the house nor they are in mood to rent it out to somebody they never saw and get into troubles. Then one might wonder why a house in India??? Just for the sake of it. Yes, they have it and they buy it. And the developer hunts for such buyers, woos with fancy tempting ad lines, super attractive offers etc. etc.; The common man who really wants to buy a home will either plan to rent it out to pay off his loans or stay in. But this is not the case with those more than 30% homes.
Is this not contributing to more and more constructions without the actual need for all of them? This does not justify the demand-supply theory in any way. Perceiving this scenario in an economist’s stand point will say when any industry exceeds the production i.e supply more than what the market demands, it is definitely heading towards a decline. I work in this industry; I hate to see it decline. But, how will we stop this??? who will educate the developers??? Don’t they have a market research team or economists who analyses the pros and cons of the industry???
It is quite serious, but I don’t know how many of the construction/development companies give it a thought.
2008 American recession which had ripple effects all over the world, had several reasons out of which mortgaging was one of the huge reasons. Mortgage industry had also supplied more than what was required and hence, the drastic decline and a complete mishap. Do we really want to witness another here???
How can we avoid??? A simple three options…
1.) Don’t buy homes just for the investment sake, at least not in a Metro. There are many other investment options. Go for Gold instead!!!
2.) NRIs, if you never have the intention to come back, don’t invest here on homes…remember you are contributing to the ruins of a beautiful landscape!
3.) Developers…pleaseeeeeee stop being too greedy.
Choose your option!
<--------------------------You prefer this???
How awful it would be to live in this clustered concrete jungle?
How beautiful a city would be if we can wake up to a sight of beautiful landscape or if we can gaze the marshes from an office window???