Just saw a friend describe a house in SUBURBAN MUMBAI where some of my south Mumbai friends will not be found dead….
well it is 48,750 per sq ft. * 2875 s ft (nothing smaller available)
= 14,01,56,250 – about Rs. 14 crores + Vat + taxes + registration
lets say it comes to about 15.5 crores….
Now the average starting salary for a CA is say Rs. 6 lakhs…ok let us be liberal make it 8 lakhs…
this amount (not including furnishing) is about 200 years income.
So it means a CA will take 200 years to repay the loan. A person starting on a salary of say Rs. 300,000 (a lucky graduate) will take about 550 years.
Gross salary, net of taxes and net of personal expenses…..
Clearly such realty CANNOT be funded out of loans. Then how are they funded?
Father gifting Rs. 2 crores, father in law giving 3 crores…..the buy putting in Rs. 2 crores, wife pitching in with Rs. 1 crore…and the balance comes as a loan…then it HAS TO BE a long life of majduri.
then u have to HOPE that something like Campa Colas building does not happen….AND that prices double in 2 years.
Which means in 2 years time somebody willing to pay 100,000 psf has to come around….and the whole game wil start again!!
Mera Mumbai Mahan!
Post Footer automatically generated by Add Post Footer Plugin for wordpress.