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This story is from September 16, 2006

To-let: Snooty quotient for Rs 1 lakh

Ashwin Ahmad / TNN / Sep 16, 2006, 23:27 IST
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According to property agents, more and more Indians across the country are willing to settle for nothing less than the "best".
To-let: Snooty quotient for Rs 1 lakh
Ready to rent? According to property agents, more and more Indians across the country are willing to settle for nothing less than the "best".Says Alka Mehta, a property consultant in Delhi,"For some people, I have to suggest a location with a reputation. They can't go around saying they live in Mayur Vihar Pocket IV."Most people in the trade agree. Property agents in Gurgaon, one of India's fastest-growing suburbs, say there are people willing to shell out as much as Rs 60,000-1 lakh in rent to live in high-end complexes, the best known being Laburnum, Central Park and Beverly Park. As Sudesh, a property broker in Gurgaon says, "A number of these homes are bought by NRIs who see it as an investment. They are then sub-let, mostly to corporates who want the right address and are willing to pay for it."
It's not just Delhi that's been bitten by the snooty bug. Adarsh Palm Meadows in Bangalore's Whitefield has seen rents rise to Rs 1.25 lakh but that doesn't seem to deter people. Says K Sriram, a villa owner, "Tenant-owner ratios here have changed from 80:20 to 50:50." Sriram estimates 20% of residents here are foreigners. "They want a good place to rent. And owners are quite happy to sub-let to them."While the 'snob factor' may count in Delhi and Bangalore, that's not the case in Kolkata. Three decades ago, plots in Salt Lake were handed out to applicants on a 999-year lease. The sale embargo that disallows transfer of property, coupled with the IT boom, has sparked off a rental craze. Says call centre employee Joyeeta Narain, "As one cannot purchase flats here, renting is the only option. With the IT complex a stone's throw away, it makes no sense to buy in the city as that would mean an hour-long commute." The result? Today Salt Lake is the biggest rental hub in eastern India. But economics alone doesn't explain why people want to rent. Shaqueel Ahmed has been living in Delhi's well-known Indian Foreign Service (IFS) Apartments for over 20 years, despite owning a home nearby. "Though it would be cheaper to stay in our own house, we want to stay here. I have people who I can call even at midnight for an emergency." Jawahar and Suparna Deo agree. Though they own a flat from which they get less rent than they are paying in IFS, the Deos feel the social benefits are worth it. Says Suparna, "We have an emotional investment in this place. The other house is just an investment." Inputs: Subhro Niyogi and Sujit John
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