There are three basic essentials that every individual needs to survive in this world needs – Food to eat; Dress to protect our body; a Place to live.
Most of us or our parents have valuable assets in our home town that includes a own house no matter how small it is but it must be our pride. But for studies or job we often leave our place and shift to cities.
Until 2005 renting wasn’t a big issue in metropolitan cities like Chennai. Slowly IT industries started booming around the cities and the year 2007 to 2010 Chennai was already a IT hub. Because of more opportunities city started flooding with immigrants from different states.
What caused the rapid rise in Rent rates…??
Abroad projects and their profitable business increased their employees salary cut more than what a average individual was earning working in Non-IT industries. So these people were totally fine with rent rates and more over bachelors had an advantage to sharing and staying together so they too were okay with the rates.
These two cases made land owners to charge their rent as much as they wanted and it was the first step when bachelors were given preference over family residents.
Rewind yourselves to the year before 2005 or ask your parents how it used to be those days when not more than 2 floor building existed. I remember we used to live in small flat in line with additional 4 different tenants. Land lord’s family and tenant’s family would have a healthy relationship. We would eat food at any of the tenant’s house or even at landlord’s home. We didn’t had any restrictions from anyone to enter each other’s place. Unlike today we don’t even know who lives opposite our flats. Please share your thoughts….!!
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