Disclaimer: The title might be true, might not be true, don’t get too excited.
We have lived in Nagpur for over 30 years (no, not me - I’m young), but my family has never purchased any real estate in this city. While we sort of call Nagpur our home, we don’t truly have a place to call home.
As unfortunate as that is, we are once again on the lookout for inexpensive real estate that will double in market value within 5 years. :P Yeah, I know, I know, I’m greedy.
Realtors expanding the city's boundaries by building on the outskirts promise you a dream - hospitals, schools, D-mart, rapid urbanisation, metro stations, and more. They’re not entirely wrong; eventually, the city will grow, and people will start living in those areas. But are you willing to invest a significant portion of your hard-earned money in a promise that’s yet to materialise?
On the other hand the realtors in the city offer you chunks of brick and mortar, good sunshine, and blinkit :’)
The city has become increasingly congested. Areas that the government did not anticipate turning into booming metropolises are now doing so. The roads are narrow, but the number of people on them is huge, making traffic jams a common occurrence. Additionally, as an area grows, resources become scarce. Water is usually the first resource to become a problem. But, well, these are just technicalities.
If you’re a middle-class family like us, you’re bound by the LSB theorem—something I’ve come up with: Location, Space, Budget. You’ll have to compromise on at least one of these. I could give you multiple examples, but you’re an intelligent person - you get the idea, right?
We’ve been exploring land parcels - ones that are expensive but show potential. However, they’re still expensive. We’ve looked at options on both sides of the highway, but we’re not ready to commit just yet. The cost of the land parcel is crucial. For instance, if I buy a land parcel for 30 lakhs and it somehow appreciates to 60 lakhs, who’s going to pay me 60 lakhs to buy it? Probably nobody. But if you buy a land parcel for 10–15 lakhs and it appreciates to 30 lakhs, there will likely be buyers. muh eCoNoMY
Everyone tries to convince us that this land is the future, and if we come back in a month, the price per square foot will have increased. LMAO. So what, bro? We can’t just drop 30 lakhs after a single day of exploration, come on!
We’ve also looked at flats that somewhat fit our budget, but they’re small, located in crowded areas, and lack sunlight. We’re trying to find flats on the 1st or 2nd floor because my mom and I have a phobia of elevators. Once, we were stuck in a lift for 40 minutes, which left a lasting impact on our psyche.
Anyway, the flats are small, which is understandable since they’re in the city. But somehow, all the good ones (garden-facing, Vastu-compliant) are already sold - LOL. That leaves us with the ones that remain unsold. The 7% stamp duty is also a pain. I think the government should introduce a rule: if it’s your first home and you’ve paid taxes for the past 10 years, the stamp duty should be waived. Oh, and did I mention the existence of ghost colonies? Well, at some point, they’ll likely become populated.
We visit under-construction flats, already constructed flats, properties on the outskirts, and places that feel like they’re in the middle of nowhere. We look at places that are way outside our budget but offer a nice location and ample space. We haven’t found the one yet - maybe we never will, maybe we will. The process is tiring and somewhat humiliating. Imagine being so rich that the government doesn’t offer you free flats or you can encroach on areas and create a slum, but so middle class that putting this much money into a flat makes you dizzy and nauseous.
I think this will be the first blog, and I will write blogs about each of our visits - how I felt, how it went, whether I enjoyed it, etc.
Signing off for now.
