By Dr Sanjay Chaturvedi, LLB, PhD
Accommodation Times Bureau
People buy homes within Mumbai limits to keep their stature. Whether it is slums of Santacruz East, Khar Danda or Juhu Koliwada, or Jhuggi at Greater Khailash or South Delhi, people do not want to buy homes away from city. There are multiple reasons. Factors like these which also decides property rates and dearness demand in localities within city limits. Communities like Muslims, Marwari, Gujarati, Punjabi and Kerala form localities famous after their community names. People buy homes in other community also loose stature with their community and friend circle. Behaviour science of buying properties mostly depend on factors which directly or indirectly affect their stature in the society. A cosmopolitan society is still not preferred. A non vegetarian is not welcome in gated communities of vegans similarly a Muslim is not preferred in a housing society because of his religion and so called hysteria about community which have aggression towards all aspects of life . Some of the factors are:
Eligibility for Homes Loans / Car Loans/ Personal Loans
Majority of India banks and NBFC are of opinion that homes are being purchased on the out skirts or extended suburbs are by economical weaker section of society and recovery of loans will be difficult. Almost 90% of such buildings are illegal and there will be legal aspects and issues for clear mortgage. Operations within city is much easier than out side city. Such localities comes under Micro finance which normally not preferred by banks and financial institutions.
Marriages and Social Life
99% of marriage relations are been done with “Address”. The address of boy is most important and vital. Marriage and relations between two families mostly depend on address where boy or girl is living. The stature depend on the address. Girls usually marry boys who have their own homes within city limits, that too posh locations. Such proposals are most preferred. Dowry and Gifts follow a boy who has great address and not qualification or job his doing. In Uttar Pradesh and most of the part of Bihar, Maharashtra, Rajasthan and Haryana, if boy or his family is staying in rented home then it is impossible to get him married.
Travelling and Convenience
People dont want to commute to work or city center from far. Because city centers always fascinate with good infra and also staying near CBD is always costly affair. The address on a visiting card read as “Barakhamba Road” or “BKC” always gives an impression of big corporation and high stature of the business. Because of this, corporate prefer to have address of CBD areas. Although decentralization of commercial activities have taken place in most of the metros because of transport and communication but still the Address is key to stature.
The Address indicates your family income
If you are staying at Pedder Road or Malabar Hill or Hills Road Bandra even in Pugree Building or a Chawl, you are been looked upon as celebrity. A home in Defense colony or at Vasant Vihar gives you celebrity stature. Since property rates in these posh areas are beyond common men reach. People staying in posh localities, even though they have inherited or living since decades when the rates were negligible, take the liberty of feeling rich even though their family income is less than taxable limits.
Online Shoping / Postal mails
Online shopping dot coms do not deliver items in muflis areas. If you are staying in far flung places or extended suburbs, such facilities are difficult to get. Post do not come instantly. In Navi Mumbai, a usual post comes seven or eight days later. Suppose you have asked for passport or subscribed to a magazine, the post usually is late by eight to ten days that too it is not sure it will reach you.
Often power cuts and water scarcity, long bumping mukkadam roads gives you night mare. Mosquito and insects enter your homes because local self government is not corporation and do not have budget to pest control your area.
Question is when Wadal in South Mumbai is selling for 13500/- a sq ft then who will buy at such price at Thane or else where like in Delhi, who will buy in Gurugram when for same rate homes are available within Delhi MCD limits?