Sometime in mid-2022, Debashish Bhattacharjee promised his wife, Purna, a new apartment. Having stayed on rent for four years after moving to Kolkata from Bhubaneshwar, it was time to have their own place, he thought.
The Bhattacharjees had three asks: a safe neighbourhood; a location not exceeding a 30-minute commute to their daughter’s school; a ready-to-move-in or almost ready two-bedroom apartment.
The couple, who live on rent in Kasba, a busy suburb in south Kolkata, started house hunting with a ₹50-55 lakh budget in mind. By November, after visiting over a dozen new projects, they upped it to ₹60-65 lakh when nothing fit their budget. The ones they liked were too pricey or were in far-flung suburbs. Next, they adjusted their expectations to buying a resale property. On a recent house hunting weekend, they liked an apartment with a price tag of ₹70 lakh. They asked the owner for a day’s time to confirm but by the next afternoon, it was sold to another buyer.
“The demand for apartments in good locations is so high that there is no scope to negotiate. Ready flats are hardly available and new launches, even in the suburbs, are 15-20% more expensive than market rates. Our broker told us we have to either compromise on the location or increase our budget again," says Debashish.
As home sales peaked over the last two years due to pent-up demand after the pandemic, the cost of home ownership escalated, too.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Quick Edit: The market's green role
The world needs to bend its rising curve of carbon emissions, a goal that's proving elusive. Adding to the challenge, US climate policy is likely to flip back into neglect mode next year.
Growth shouldn't suffer for want of a market fix
Packaged food companies should drive a food-processing revolution and run a campaign for substitution of fresh-veggie demand. It'll crush price volatility and open up space for rate cuts
We should reform import tariffs to boost Make in India!
Tariff reforms to resolve duty inversions can arrest the 'cost competitiveness leak' of Indian manufacturing
Trying to quantify everything may worsen human decisions
'Quantification fixation' is real—and we should learn to resist it
Hope has sprung anew amid the thick haze hovering over COP-29
The climate summit has seen rules being ratified for a carbon market, progress on finance and high corporate participation
Trump's return is set to send the world scouting for fresh options
His confrontational stand on issues will ruffle feathers and make nations review their alignments
Why national pride has not helped clean up Delhi's air
A sense of shame was expected to get it done. That hasn't worked. Do we lack the will and talent?
SEBI CAN DO MORE TO DISSUADE RETAIL F&O SPECULATION
A recent Securities and Exchange Board of India (Sebi) report highlighted the significant losses individual traders have incurred in the equity futures and options (F&O) segment between FY22 and FY24.
Is filing ITR in old regime still valid?
I am with the Indian Army. Until last year, we received Form 16 under the old tax regime, including allowances such as HRA, travel and uniform.
Avoid common mistakes in NRO, NRE accounts: A guide for NRIs
Tips on using NRE and NRO accounts to effectively manage funds, repatriate money and remain tax-compliant
