Day 41/ 365 – House Hunt continues

After a lull of almost 5 months, I resumed house hunting a couple of weeks back. I am looking for something close to my house and prices in my area are simply too high. I went to check out a house at 15 mins walking distance from my current house. The house was a 1 room kitchen. The owner had converted the kitchen into a bedroom by converting the space in the passage into kitchen. The carpet area of the entire house was not more than 280 square feet, which is very tiny even by Mumbai standards. However, the location of the house was extremely good and the building was old with minimal water issues. But the price asked by the seller was really exorbitant. He was asking for Rs. 70,00,000 (70 lakhs). I was really surprised to hear the price and felt it was too high for the space which was available. I decided to measure the flat and it came only around 232 sq. feet. For such a small flat, I felt the asking price was too high and gave him an offer which he promptly refused. From there on, I moved to other flats and found the average sq. feet for 1 bedroom kitchen flats in my area is around 400-450 sq. feet  and prices range anywhere between 70 lakhs to 85 lakhs. Oh and this amount does not include stamp duty and registration money which needs to be paid to the state government (all for doing nothing).  I have been told by some agents to not calculate the price per sq.feet as it would always sound audacious. If I am considering buying a house in my area then the price I am paying is for the area.  It is like the cost you pay for living in Orange County or Fairfax County, but I am not staying in the area which is even remotely close to that, so paying such absurd amount of money is just being plain stupid. I even found some sellers who were asking 50% money in cash and remaining in cheque. I started to wonder, where do these people come from and how should I person like myself arrange so much money in cash. Anyways the search is still on and I am hoping that I should be able to find something of my liking, within my budget very soon. Or may be I should play some lottery and hope to get lucky one day!!!


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