Bangalore : My take on owning an apartment
My perspective is based on the fact that I am from Karnataka but not from Bangalore and I am not keen on settling in Bangalore.I am here only for work.If you plan to settle in Bangalore then stop here and read no more.
So, Will I ever buy an apartment in Bangalore?. From what I earn now and if I extrapolate my future earnings using my “common sense” ( On which I completely agree with Mr. Einstein ),the answer is a definite No.
The apartments that I can afford to buy in Bangalore ( including the maximum loan amount of around 30 Lakhs I can bear) :
- Are nowhere near the place where I work ( Koramangala ).
- Don’t have Kaveri water supply,Which I think is the only reliable source of water in Bangalore.
- Are under construction or suspiciously priced.
Adding to the above points I am also not sure about the quality of construction material,the skill level of the labour used,the longevity,the future price trends of real estate in Bangalore.
I have come across a lot of suggestions about real estate being the best form of investment.But for me certainly Bangalore is not the place to do so.Especially when the city economy is primarily driven by the Software Services Industry.So instead of owning an apartment far off from the city and pay a major portion of my salary to the bank as EMI. I would rather save my money for my retirement and live in luxury during my working life inside the city.I would invest in real estate but in a city where I would like to retire but I have decided that it wont be Bangalore.