REALTY REALITY

Okay, I’m sort of used to my friends telling me how I resemble Konkana Sen Sharma in Wake Up Sid. She was all that I am (according to my friends), although I feel I’m much better (personal opinion, but let’s not get into that!) Similarities include both of us are journalists by profession, ambitious, and a matter of paramount importance: HAVE A DREAM TO OWN AN APARTMENT IN THE CITY

Though I hardly understand terms like FSI, carpet area, maintenance, stamp duty and all that terminology which kind of gives me the creeps at the thought going through the whole process of house hunting. But dreams aren’t dreamt of with each and every single detail sorted out right? The only thing that matters is that I want to own an apartment of my own in the city… The thought of having an independent area that I’d call – MY OWN is way too exhilarating. Sometimes I think that’s my ultimate ambition in life, even beyond a successful journalistic career.

There comes the trouble! Even though I agree of being an ignorant person (only in this sector), which I clearly stated above , I am unfortunately not so ignorant to not know that realty rates in Mumbai and in fact overall the country are sky rocketing. Every time I see the Property Plus, or DNA Property, I am welcomed by rates of 1BHK, 2BHK and 3BHK that are unthinkable. Now practically I don’t bother with 2BHK and anything more than that, but the rates of even 1BHK makes me feel of dreaming an unfulfilled dream.

As if the rates of property in Mumbai aren’t high enough, experts say that the rates will still increase to something like 25-40% MORE. Can you believe that, it’ll be like the rates would go beyond earth, travel all the way to at least Jupiter and come back .Forgive my exaggeration, but how can somebody afford a 1BHK- ONLY ONE BEDROOM, HALL AND KITCHEN for 20lacs??? And like all of us know, I am not even bothering to think about areas like South Mumbai or Dadar (how I wish I could!)

As I think of owning my own apartment, I start contemplating on my approx salary, my approx expenditure, my approx indulgence and my approx EMIs….It makes me feel that I'd either survive or own a house. These are the only two options. Loans are always there, but interest rates don’t give any soothing effect either. So basically, owning an apartment of my own would come down to not LIVING my adult, professional life (as LIVING LIFE, in today’s terms doesn’t come cheap!)

But, there a silver lining here, as there usually is in life…This particular news had me jumping in joy! According to CRISIL research group, the house prices in Mumbai to decline in 2011.

According to that research diminished affordability and rising interest rates will lead to decline in prices in 2011. Prices of houses soared by 43 per cent in 2010. Prices thus surpassed their peak values, attained in the first half of 2008, by 26 per cent, adversely affecting housing affordability. CRISIL Research therefore expects prices in Mumbai to decline by 8-10 per cent in 2011.

“Reduced affordability and a likely increase in interest rates by the Reserve Bank of India will subdue demand and depress housing prices in Mumbai in 2011. In NCR, relatively better affordability will prop prices despite any increase in interest rates,” explains Nagarajan Narasimhan, Director – CRISIL Research.

God bless RBI!!! Maybe, I might get that airy, well lit, centrally located 1BHK. My own apartment away from the noise, with beautiful cream coloured curtains, photo frames of cherished memories hanging up on walls, a beautiful bouquet of white carnations decorating my dining table…..I might just get it! :)