I am 35 years old working in an IT company and professionally very successful. I own a Toyota Camry and my two children go to the most prestigious school in Chennai. I am financially secured yet I am in a rented house. My friends and family are forcing me to buy a house. Their point is that my EMI will be either equal or lesser than the monthly rent that I am paying. I agree to their point but yet I am afraid of owning a house.
I am somehow not convinced that the decision of buying a house in Chennai is a very good decision. The last thing I want to do is own a house and still stay in a rented flat. No, I am not in a transferable Job. I have been in Chennai for the last 35 years and intend to be here my whole life. Yet I have this fear of owning that dream house and still not being able to enjoy it. Reason is very simple, last year’s flood in Chennai.
Many would say that it was an aberration and such a situation is very rare. Last time Chennai faced such a situation was around hundred years back. Yes, the main cause of flood could be attributed to incessant rain which does not happen every year. But we do not need to go as far as hundred years. In the year 2005 Chennai was again grappled with the same situation. Many localities which were supposed to be well developed areas like Velachery were inundated in water and were facing near flood like situation.
Many questions are hounding me and I am apprehensive about being a proud owner of the so called dream house. All the builders are showcasing a dream that is nowhere close to being true while advertising the houses. I am not yet sure as to what questions I should be asking before I decide to buy a house. Leave alone asking the right question, I don’t even know whom to ask these questions.
Real Estate is a booming business and majority of the people involved in this business have entered it to make quick money. There is no harm in making money. As Adam Smith the father of Economics said “Money is the pivot around which the whole world revolves”. But is money everything? Isn’t there something called social responsibility? I know such questions sound strange but when a builder is planning to build a house are there no guidelines that the builder needs to follow? If there are then who is making sure that these rules and guidelines are being followed?
Yes even we buyers are equally at fault. We do not care to do our basic homework and if we see some freebies attached we jump over it thinking we have got the best possible deal. There needs to be transparency at all levels and there should be a platform where the buyers can get the right answers to all their questions. Till then people like me will always be reluctant of buying a house.