I have been watching a lot of woody allen flicks recently.I was introduced then to this old man from Russia in 'Love and Death', who walks around the village, vehemently opposing any buying offer that comes his way for the 'piece of land' ['chunk of earth' in his hands] that he loitered around with; not to mention the indirect reference to the short story from Tolstoy, 'How Much Land does a Man Need ?'
I remember a friend, on the verge of earning his Phd from a prestigious school in the US, going frantic over how cost of living in India has splurged over the years and how he needs a LOT of cash before hitting back. That I know he is not hitting back is another story. But I was disturbed as I intended to hit back myself for sure and pinched myself for not waking up earlier...
I was relaxed after reaching home to see that not much [sometimes some things to your anxiety] has changed here.
Just the other day, as I was moving around the city along a friend from the US for a long planned photo shoot, we happened to pass South City by [For the uninitiated, it's been the talk of the town for years now on Kolkata real estate landscape] and gathered that two of my college mates have been or have bought properties in the highrise. Sounded pretty cool. Really. A photographer's mind was lured as the prospect of a great vantage point to capture the southern horizon.
But a cynic always steps back end of the day and gets into some weird computation. Here then I look at the profile of both of my friends who have bought it for themselves and realize that both are well settled abroad and do not see in the distant horizon when is it that they can hit the city. But they bought one all the same.
Let's get into the grinding details and one will find that equation is simple. With socio-political scenario of Kolkata becoming hostile again, industry giants turning deaf ears to ministerial invites, the so-called new economy giants being overcrowded to the point of suffocation, and the city gloriously topping the charts of various surveys as the destination choice of the enterprises, only read bottom up, there is hardly anyone making money in the city that can afford south city luxury, save the business community perhaps. But then look at the sprawling campuses boasting of
sauna and spa and shopping malls and rooftop air-taxis and what not, that are bombarding you down every morning as you start your day with front page of a newspaper.
Puzzling. How on earth can a city not earn enough but can afford more than that.Easy answer to that is the eleventh avatar of lord Krishna as credits that comes to one's rescue. I had been watching all my friends who need a shelter in town and those who needs just one more haggling around for credits for years now. The first thing that I have seen people do with their first job is book a car and chase it down in rapid succession with booking an apartment in XYZ project, that flaunts the best in its kind accessories, forgetting basic nuances about some fundamental infrastructural chokepoints otherwise. Look at pre/post south city traffic influx at Prince Anwar Shah Road or the waterlogged Rajarhat roads for an answer. Now even the builders who were not offering swimming pool with jacuzzi can advertise at least a smooth-cruise experience at stone's throw [just let it rain. wait for 10 mins and happy sailing ! :)].
Let me once more turn my eyes towards the credits we were talking of.
I was talking to this colleague of mine who is first generation in town and understandably enough had to go for a shelter. On showing some interest in these loan patterns, I gathered in reply an agonized mind who is fretting over why the bank is taking most of the money he pays for deduction of interests and not principle. I understand instantly enough that yes there's cause of concern. I patted his back and asked him to look up at the sun, with a discomfort in mind. Are we coming a full cycle to serfdom ?
I remembered the excitement that in between my return from UK and journey to US I witnessed chic malls coming up every corner of my birthtown and disturbance at listening to an economist friends, who was back after a semester teaching in Singapore and went on an extensive backpacking around that region, talk of the ghost towns in remote Thailand that has seen most of the shutters close down in just a matter of few years. 'Just wait and watch' he had laughingly said. He talked of this three years back and you do see 'Next' closing in there shop in the city.
Is the same fate waiting for the real estate ?
After all, "Six feet from his head to heels was all he needed".
