Long Wait For Tenants

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April 21st, 2009 Praveen Bose

“How much longer sir?” my neighbour, who always seemed to have the Midas touch, asked my father. This neighbour, I have always believed, has the knack of sniffing out business opportunities. He and his wife must have half a dozen streams of income.

He was enquiring about the economic slowdown that has seen everyone tightening their purse strings, and has left him holding his head in his hand and wondering how he would be able to pay his Rs 40,000 EMI on a loan he had raised to build his four storeyed building with five flats. He had hoped to rent them out, preferably to vegetarian IT professionals.

He has waited, waited and waited. His query on the slowdown came in utter frustration over the disappointment that few IT professionals were interested in renting his house or none were ready to pay the rent he wanted. “I have custom-built the house for an IT professional” was his argument. It suits them best. I had heard of custom-built office spaces, but this was the first custom-built house for an IT professional.

What about someone else who may be ready to shell out an amount acceptable to him? No sir, he said, “Others cannot understand how to use the electrical fittings I have spent so much on. Many of the fittings are those you find in the US and many of the IT professionals travel abroad and understand their use.”

“I will wait for a month and visit Tirupathi to ask for the lord’s help.”

Now, he is ready for a compromise it seems. Do people from any other industry have such spending power is what he wants to know now. I have been asked to find out who else could afford the rent and of course still are vegetarians.

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2 Responses to “Long Wait For Tenants”

  1. shailendram Says:

    IT crowd had definitely spoiled the real estate market- land owners, builders/ promoters/ marketers and owners intending to rent out were all sure of finding a “bakra” living in an illusory world oblivious to the realities of life. Most of them walked out of Tom, Dick and Harry engineering college that does not even have a library worth talking about, and got employed at a few lac rupees, whereas those getting into other industries had to slog for a decade to get that kind of a money. Hence this undeserved earning was spent on real estate at undeserved prices. Now they have realized the reality of the realty and life, and people like the neoghbour also better understand the reality of realty. Hopefully the days of easy money are gone at least for a few years!

  2. An Outcome Says:

    Too bad that this person ony continued to see a ever growing bubble and built his castle around a non sustainable expectation. IT Pros are not children of Lord Kubera !! Wish him all the best in realising his money through non-linear streams since the siutation is not going to go away in a hurry !


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