Shabana Patni has been living in a premium condominium in Gurgaon, in the National Capital Region. As a senior manager in a leading IT-enabled services firm, the last thing she ever wanted to worry about was where to stay. She had found a secure, well-located condominium and had been staying there for over five years. But this year she got a jolt. Her rental contract was renewed at a price that was about 30% over what she had been paying. The reason - the rental market had zoomed as never before.
Even considering the seniority of her post, such a steep hike was not viable for either her or the management of her firm. A shift-out of these premises was on the cards. Then came the second option. She had to move and the organisation was to raise its rental payments. Wouldnt it make sense to purchase a premium apartment and create an asset for her.
That was easier said than done. Patni, with a Rs 1.5-crore budget, thought she could get several good options to choose from. But she was in for a shock. Premium apartments such as Beverly Park on MG Road were selling for over Rs 2.25 crore. Others which were further away offered luxury lifestyles but were either not ready for possession immediately or were not occupied at all and did not meet her safety standards. As a single highly-paid executive, security was her prime concern.
More : indiainfoline.com
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The most striking example that hogged the limelight in May 08 was when London-headquartered Barclays bank took up
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This has caused many home buyers to now settle for rented flats instead.
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